Insurance agents say it’s time to reevaluate your landlord’s insurance

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SPRINGFIELD, Mo. (KY3) — COVID-19 and inflation have driven up the prices of everything from lumber to labor. It is recommended that you ensure you have sufficient coverage in case your home is damaged by fire, flood, hail or any other uncontrollable circumstance.

”One of the best things I say to my clients if you are a future client or an existing client. Especially if you’re an existing customer, contact your agent and just do a policy review that way you can find out what your coverages are and make sure you don’t miss anything,” said John Schaeffer, an insurance agent. of the Resource Center. Insurance. “I know right now, with this period, inflation has gone up a lot, so a lot of the renewals that we’re seeing are between $10,000 and $50,000 on rebuild prices.”

Schaeffer recommends reassessing your home insurance at least once a year. Especially if you are buying a new and expensive property like a new gun, wedding bands or other expensive items. In addition to important moments in your life like getting married or having children. He also said that you should re-evaluate after making any renovations or additions to your home.

That’s exactly what Jessica Rivera did after remodeling her one-bedroom home into a three-bedroom, three-bathroom home. “Just with everything going up, material costs might go up, if you use the same insurance you had, it might not cover the new prices of things, it might not completely cover everything, so I highly recommend it,” Rivera said.

She has seen the value of her home triple after buying it almost eight years ago, and because of this, she re-evaluates at least once a year.

To review your insurance plan, Schaeffer recommends that you call your agent to do an evaluation of your current plan. Adding that it’s much easier on the wallet if you change your plan now rather than shelling out an unexpected high cost.

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