Beef Up Your Insurance

Keep Your Policy Current

Assessing your homeowner's policy is not a onetime activity. Insurance experts recommend that you reevaluate your coverage each year when the policy is up for renewal. If you've undertaken a major renovation during the past 12 months, you can increase the value of the insurance, and if you sold a painting or two, you can drop some personal effects coverage. You may also be able to take advantage of new discount programs for safety equipment or structurally sound materials used in renovations.

Not least of all, an annual insurance checkup may be an opportunity to shop around for a better price through another underwriter. "It takes only a short time to reexamine your insurance needs each year," says the Insurance Information Institute's Hartwig. "And the combination of the savings that can be turned up and the certainty that the coverage is adequate could pay off in a huge way."

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