7 Home Owners Insurance Tips

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Published: December 10, 2010
By: Richard Koreto
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The new year is a good time to take stock of your home owners insurance coverage.

Effort: Med 2 hrs to review

Here are some New Year’s resolutions, suggested by the Chubb Group of Insurance Companies, you should make an effort to keep. Sure, reviewing your home owners insurance policy may be a bit anticlimactic after that New Year’s Eve party, but you’ll be glad you did if you end up taking a home-related financial hit in 2011.

1. Make sure you can rebuild all, not just part of, your house

Don’t make the mistake of assuming that just because your home’s value has gone down that the cost of materials and labor have gone down, too. For example, home construction costs rose 1.3% from January 2009 to January 2010, according to construction cost consultants Marshall and Swift/Boeckh, even while many homes were falling in value. Make sure your home owners insurance pays you for full rebuilding costs in the event of a disaster.

Next: 2. Check your flood insurance

Richard Koreto

Richard J. Koreto is a freelance writer. He’s been editor of many financial magazines and is the author of “Run It Like a Business,” a practice management book for financial planners. He and his wife own a pre-Civil War house in New York.

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