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Free Tips Help Home Owners Do an Insurance Checkup

You can provide ongoing value to home owners in your blog, Web site, or e-newsletter by educating them on the benefit of an annual checkup — for homeowners insurance, that is.

Help home owners save money and protect their most important investment with tips on conducting an annual insurance checkup from the August “Audit Your Insurance” article package now at the REALTOR® Content Resource. Start with these two:

1. Understand replacement cost coverage. The most effective type of coverage is known as “replacement cost,” which covers, up to your policy limits, what it would take today to rebuild your house and restore your belongings, says Jerry Oshinsky, a partner at Jenner & Block in Los Angeles who has represented home owners in litigation against insurers.

2. Decipher “extended” replacement cost coverage. This coverage provides protection to your policy limit, say $500,000, and then perhaps another 20 percent of the cost after that. Percentages vary, but in this example you could recoup up to $600,000 on a $500,000 policy, assuming your losses reach that high. Now harder to find due to the industry shift toward extended replacement coverage, “full” or “guaranteed” replacement coverage covers an entire claim regardless of policy limits.

Also covered in the August “Audit Your Insurance” article package now at the REALTOR® Content Resource are tips on determining whether you’re over- or under-insured, why your CLUE insurance report matters, improving your insurance score, and how to correct your CLUE insurance report.

Brian Summerfield

Brian Summerfield is Manager of Business Development and Outreach for NAR Commercial and Global Services. He can be reached at bsummerfield@realtors.org.

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