Homeowners Insurance

Three New Year’s Resolutions for Homeowners

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While many people make resolutions to improve themselves — usually focused on organization, health and fitness — as a homeowner you can also resolve to bolster your home to be better prepared for issues that may arise in the coming year and ensure that you are adequately covered.

While you are trying to lose weight, exercise more or stop a bad habit, you may also want to consider these resolutions for homeowners.

Start an emergency fund

Some home problems that pop up are not covered by your homeowners insurance policy and it’s important that you have the money to pay for them when needed.

For example, if your heating or air conditioning system conks out or you have a sewer or sump pump backup, you’ll have to pay for repairs or replacing it out of pocket. According to Angi (formerly Angie’s List), homeowners spent an average of $1,667 on emergency home repairs in 2023.

With that in mind, consider starting an emergency fund (We recommend Betterment) that you add to every month when you get paid. You’ll be glad you did when a costly issue arises. If you don’t have the funds available to foot the bill, you may have to charge it to your credit card and risk incurring high interest payments. While it’s possible that the repairs will cost more than you have in your fund, at least what you have saved can defray the costs to some degree.

Experts say you should shoot for saving enough in your fund to be able to cover at least three months of living expenses, including mortgage outlays, utilities, etc. This money can be used not only to cover emergency repairs, but other expenses should you lose your job.

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Review your coverage

The cost to repair and replace a home has increased substantially in the last four years and if you haven’t revisited your policy limits recently, your coverage may be inadequate to fully replace your home if it is destroyed in a fire or other covered calamity.

An estimated 66% of homes in the U.S. are underinsured, according to Nationwide Insurance. Before your policy comes up for renewal give us a call to discuss possibly increasing the replacement value of your home to keep up with rebuilding-cost inflation.

As well, if you’ve done renovations to your home, call us to update your policy.

Note high-value purchases

You may not have contacted us after buying pricy jewelry, antique furniture or a gigantic flat-screen TV, but it’s worth the call.

This could also be a good time to consider updating your home inventory so you have accurate coverage for your belongings and an accurate list of items like works of art, collectibles (stamps, automobiles, firearms, paintings, etc.), jewelry and antiques.

Take photos of your valuables in each room and save them to your cloud for easy access in case of a loss.

Although your homeowners or renters policy protects valuables against a covered loss or theft, coverage is only provided up to a certain limit. When you make a substantial purchase, it’s important to review your policy and possibly increase your limits and coverage.

Also, if you got a new pet for Christmas, that could affect your coverage, so it’s important to speak to us and make any adjustments necessary to keep your policy up to date.

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