Your homeowners insurance policy might not provide the complete protection you think it does. Over time, changes in your property value, possessions, and local risks can create coverage gaps that leave you financially exposed when disaster strikes. Regular policy reviews help identify these vulnerabilities before you discover them during a claim. At The Select Insurance Agency, serving Coppell, TX, we help homeowners conduct thorough coverage assessments to ensure their policies match their current protection needs.
Review Your Coverage Limits and Property Values
Start by comparing your dwelling coverage limit to your home’s current replacement cost, not its market value. Construction costs have risen significantly in recent years, so your coverage might fall short of what it actually costs to rebuild. Check if your policy includes inflation protection or guaranteed replacement cost coverage. Also review your personal property limits against the actual value of your belongings. Many people accumulate expensive electronics, furniture, and clothing over time without updating their coverage accordingly.
Identify Common Exclusions and Special Limits
Standard policies often exclude or limit coverage for specific items. Jewelry, art, collectibles, and electronics typically have low coverage caps that might not reflect their true value. Water damage from floods, sewer backups, and earth movement usually requires separate coverage. Home-based businesses, expensive bikes, and recreational vehicles often need additional endorsements for proper protection.
Consider New Risks and Life Changes
Recent home improvements, new expensive purchases, or changes in local weather patterns might require coverage adjustments. If you’ve added a pool, finished a basement, or installed solar panels, these improvements need adequate coverage.
Regular policy reviews prevent unpleasant surprises during claims. Contact The Select Insurance Agency, serving the Coppell, TX area, to schedule a comprehensive coverage assessment and identify gaps in your current protection.
