September 11, 2009
If your like most homeowners you purchased your homeowners insurance policy when you closed on your home. Unfortunately, the bank holding your mortgage requires you to maintain enough coverage to pay off your loan in the event of a loss. They even go as far as to escrow your premium payment and pay the premium to the insurance carrier annually.
What they don't do is require you to review your policy annually! Most homeowners dont receive any invoices for premium and lets face it, out of sight out of mind. As the years pass the mortgage balance is reduced but the value of your home in most cases appreciate and the cost to replace the home also appreciates.
A homeowners insurance review is very important. Homeowners should make it a point to review their policy to make sure they are not underinsured. The most common reasons for not reviewing your homeowners insurance is because they are not required by the mortgage lender, don't want to pay an increase in premium or just cannot afford to pay additional premium.
The bank will receive their proceeds from the claim check to satisfy the mortgage, however, will you be able to rebuild your home?
M.J.F. can review your homeowners policy to ensure you are properly insured in case of a loss. You don't want to find out after a loss claim, that you weren't carrying sufficient coverage to replace your home.
For an insurance review or if you have any questions about your current coverage, M.J.F. can be reached at 866-983-8726. We are licensed in N.Y.,N.J.,PA,CT. and Florida.
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