How to keep adequate insurance coverage with rising home values?
According to the Trusted Choice® survey, nearly 40 percent of homeowners who said they had significantly remodeled their homes (such as adding a deck, room, or porch) said they had not updated their homeowners insurance policies to reflect these changes. This means that if something were to happen to your home, such as a fire that destroys it, you would most likely lose the money you spent remodeling that kitchen or adding that deck, as your policy would only pay to repair the house as it was insured, or before the remodel. Also, many consumers (47 percent according to the survey) do not add valuables they have in their homes (such as wine collections, fine art, jewelry, etc.) to their policies. Most homeowners insurance policies do not cover these valuables, but they can often be added as riders to the policy to cover the replacement cost. The survey also found that nearly 7 in 10 families who rent their homes said they did not have renters insurance. Renters insurance protects your p
