Windows and Walls

Last week we received our new homeowners insurance policy and renewal statement.
Why is this worth a blog post?
Because I actually read the policy!
And sure enough, I learned some things about our coverage that I didn’t know.
First of all, Red Alert…..our policy has been rewritten. Our carrier has made significant changes to the coverage they offer. I spent 45 minutes reading the policy, another 30 minutes on the phone asking questions, and another 30 minutes reading the policy again.
Did I “have the time” to do this? No. Am I glad I took the time to do it? You bet.
In some areas our coverage has improved and surprise surprise, it some areas our coverage is less. I guessed this would be the case because our premium is actually lower.
Good news:
We have replacement cost and the overall coverage we thought we had.
Limits relating to specific personal property items in many cases have increased.
The cost of earthquake insurance through the California Earthquake Authority has decreased by an average of 12.5% across the state!
Bad News:
There are limitations on the length of time we can be away from the premises and maintain full coverage.
Coverage for personal property at another residence we might own has been virtually eliminated.
And several endorsements are no longer available.

As they say, forewarned is forearmed.