It’s 2013 and with the beginning of a New Year comes a great opportunity for us to review our insurance coverage.  Sure, it’s not the most fun thing to do, but simply put, it’s just ones of those things that you should do on an annual basis to ensure you have sufficient coverage for your home and belongings.

Here are a few questions to go over with your MAX agent:

• Is the coverage on my home adequate? Have you added an addition or made any significant upgrades?  It’s important to remember that insurance is based on “replacement cost” not market value.  If your dwelling is underinsured, you may not be able to fully replace it should you have a total loss.
• Is the coverage on my related private structures adequate? The Homeowners policy automatically includes a limit of 10% of Coverage “A” Dwelling for Related Private Structures. Any structure designed or used in whole or in part for farming or agricultural purposes is excluded and can be written under a Farmowners.
• Is the coverage for theft on certain property like money, jewelry, silver, guns, etc. adequate? If not, additional coverage should be purchased.
• Are you a collector or do you own antiques? If you have valuable items that cannot be replaced easily, an appraisal will help your MAX agent more accurately evaluate whether your contents are adequately insured. These types of items should be scheduled in order to avoid any question of value at the time of a loss.
• Is there coverage under my Homeowners policy for my business? The Homeowners policy has very limited coverage for any type of business conducted on or away from the premises. If you own and operate a business from your home, you should contact your MAX agent as you may need a commercial insurance.