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Updating Your Homeowner Insurance: A Personal Responsibility

Underinsurance occurs when the limits in an insurance policy do not reflect the actual costs to rebuild a home after it is lost in a disaster. To prevent such issues requires the combined efforts of both the homeowner and the insurer working together to create a comprehensive policy that is specifically suited to fit the needs of the homeowner. The more detailed and complete the information the homeowner can provide the insurer, the more accurate the insurer can make the insurance policy.

Failure to report new construction, additions to the property or a decision not to purchase sufficient insurance due to cost are a few of the ways that underinsurance can result.

The first step in preventing underinsurance is to understand it. The articles contained in this section describe the issue and provides information to help you, the consumer, make certain that your home, likely the biggest single purchase you will ever make, can be rebuilt following a catastrophe.


ARTICLES

Underinsurance Q&A: What Is Underinsurance? 
Underinsurance describes when an insurance policy has a stated limit that does not adequately cover the replacement cost of the insured item. This could include a home, auto, jewelry or artwork. The process of adequately insuring property is also known as “insuring to value.”







Is Your Home Properly Insured? Know The Three Questions Most Important To Ask Your Insurer
For many people, their home is their greatest asset. To protect their investment, homeowners should update their insurance regularly to include improvements, major purchases and increased rebuilding costs.







Insurance For Your Home And Personal Possessions
If your house burns down or is destroyed by a violent windstorm, or if your possessions are stolen, you don't want to suddenly find out that your homeowners insurance policy pays less than you thought it would.








The Importance Of A Home Inventory
Try this game. Sit in the kitchen with a pen and paper. Without looking, try to write down the entire contents of your living room. Now, check to see how many items were missed. Did you remember the drapes…the carpet…the rugs? Now try it again with every other room in the house. It may be surprising to see how many items you have overlooked.







STATE SURVEYS

Sinking Home Values May Prompt Risky Insurance Decisions, Poll Finds
Facing declining home values, Californians may be dangerously opting to underinsure their homes, according to a statewide poll.

More than a quarter of the 800 people randomly interviewed in a poll commissioned by the Insurance Information Network of California indicated that they believed they should reduce the amount of insurance on their home because its value had declined.




Poll: Californians Overwhelmingly Recognize Personal Responsibility To Update Insurance
Californians overwhelmingly consider it their responsibility to prevent underinsurance, with homeowners in areas struck by catastrophic wildfire most strongly recognizing that they must keep their homes adequately insured, according to a new statewide poll.

Sixty-one percent of those surveyed in the poll commissioned by the Insurance Information Network of California said that homeowners have the primary responsibility to keep their insurance policies current.



VIDEO
Preventing Underinsurance
It's a homeowners worst nightmare: a fire or a fierce storm or flood comes through and leaves your house in ruins. Updating your homeowners insurance regularly can help you be prepared for disaster.

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Creating A Home Inventory
It used to be that taking inventory of everything you own was confusing and difficult to do.  People couldn't figure out what to inventory, what to take pictures of or where to put it.

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INSURE-TO-VALUE GLOSSARY