The New Year is a great time to reassess your home and auto insurance for both pricing and to ensure you have adequate coverage limits. Here are four steps to keep your policy updated:

1. Confirm your coverage needs - Determining your coverage needs is a crucial part of the insurance process, since policies only pay up to their coverage limits. Upgrades to the home, increases in home values, and increased cost of labor all have an impact on the cost to rebuild your property. We recommend working with a licensed agent to calculate the cost to rebuild and replace your property in the event of a loss.
2. Identify optional coverage - Certain situations like a tornado or storm can flatten an entire neighborhood and create a spike in rebuilding costs. This can suddenly leave your dwelling coverage insufficient. Optional coverages such as extended or guaranteed replacement cost can absorb the difference between replacement cost and the increase in building costs.
3. Review your risks - If you want home insurance for all types of water damage, you’re also going to need to review your exposure for flooding. Don’t underestimate your flood risk because you’re not near a body of water. Flooding is typically excluded from homeowners’ insurance policies, yet many homes are at risk for flooding from heavy rain and water runoff. Floods are the most common natural disasters in the U.S., and going without flood insurance can be very risky.
4. Don’t forget to review these too! Other important limits to review are your auto liability limits to keep your property and other assets protected. Causing injuries to others in an accident can quickly create medical bills that could exceed the limits on your auto insurance policy, that could then be attached to your property in the event of a liability settlement. Umbrella policies offer another layer of protection in the event of a lawsuit.

Want to learn more or get free quotes? You are invited to make an appointment with a member of the Anywhere Insurance team for a comprehensive review of your personal lines needs.

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This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice.