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Review homeowners insurance coverage regularly

ROBERT DiGIACOMO Bankrate
Photo credit: Photos.com | At least once a year, it's a good idea to review the insurance coverage on your biggest asset: your home.

Photo credit: Photos.com | At least once a year, it's a good idea to review the insurance coverage on your biggest asset: your home.


At least once a year, it's a good idea to review the insurance coverage on your biggest asset: your home.



Your homeowners insurance coverage should start with a replacement cost policy that covers the entire expense of replacing your home if there is a loss. You also can opt for what's sometimes called a "guaranteed" replacement policy that typically includes around 25 percent of additional coverage over the estimated value to replace your home.

No matter what type of home insurance you have, there are many ways to adjust your coverage, whether you need to add to your policy to cover Grandma's diamond brooch or buy separate protection to guard against flood damage.

Supplement figures generated by your insurer for the replacement cost of your home by getting a second opinion from a local contractor. Ask for an estimate of the real-world cost of rebuilding your home, including the expense of demolishing the structure, says public adjuster Robert Freitag, president of AmeriClaims Inc. in Indian Trail, N.C.



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