2) Read and review your policy and your inventory at least every year. Stay familiar with its provisions and exclusions.

3) Call your agent occasionally—maintain good contact. It’s helpful to have a personal and friendly relationship if you ever have to file a claim.

4) Stay generally aware of rebuilding costs in your area. Also, check the latest building codes. Be sure that your coverage is adequate to rebuild your home to current code requirements.

5) Your mortgage company may only require you to carry enough homeowners insurance to cover the outstanding mortgage.  Be sure that it is enough to cover the cost of rebuilding, too.

6) Check your policy limits on things like jewelry and computers. You may need to add some extra coverage for such items.

A Word to Renters

If you’re a renter, there are two really bad things that can happen to you: One, you can come home one evening to find that someone has broken in to your place and ripped off all of your stuff. All those things—your TV, workout equipment, furniture, bike, even your computer—all gone. That’s bad. But, what comes next makes it even worse. That happens when you go to your landlord for help, and all he does is shrug his shoulders and say, “Sorry.” That’s right, the guy doesn’t have coverage for your loss—and he isn’t going to give you a dime! That’s when you finally sit down and read the lease contract—you know, it’s that boring-looking document you should have read when you first moved in. And, sure enough, he’s right—you’re hung!

Within the agreed upon limits, renters insurance can protect you from losses caused by lightning, vandalism, theft, fire, etc. It can also give you liability coverage for other people injured at your home. 

My advice: Get it! Of course, as with any other types of coverage, renter’s policies vary. Shop for the coverage and prices that fit you best. Read your policy thoroughly. 


Steve Diggs presents the  No Debt No Sweat! Christian Money Management Seminar  at churches and other venues nationwide. Visit Steve on the Web at  www.stevediggs.com or call 615-834-3063. The author of several books, today Steve serves as a minister for the Antioch Church of Christ in Nashville. For 25 years he was President of the Franklin Group, Inc. Steve and Bonnie have four children whom they have home schooled. The family lives in Brentwood, Tennessee.

 

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