Tuesday, February 12, 2008

Insurance Update




Well, I've finished reading through my homeowner's insurance policy. It's a lot to read, and quite confusing in parts. I did find out I have a "premium" policy which covers full replacement costs of both personal property and dwelling property coverages. What I did not realize I had was Identity Fraud coverage. For $25.00 a year, I get up to $25,000.00 in coverage. I thought that was a good deal.

Travelers automatically ups the numbers based on replacement value each year. They hire an independent firm specializing in construction and consumer costs to figure out the right values. I think that is awesome, and one less thing I have to worry about!

6 comments:

Canadian Saver said...

It definitely sounds like you have everything covered! Glad you checked and are relieved about that :-)

RacerX said...

Glad that you are all covered. There is good Identity Insurance out there. LifeLock is $10/mth for $1Million.

Good job!

Sharon said...

racerx,
I'm wondering if I need more than 25,000? I'll have to ask Travelers. Does LifeLock track your credit too?

CT Mom said...

Good for you reading your policy! Nothing makes my eyes glaze over more ...

One question - have you noticed any significant increases in premium based on replacement cost? I think full replacement cost is the best way to go (I should doublecheck my policy) but was wondering with building materials getting so expensive, how Travelers adjusts premium to account for that.

Btw, I work in Hartford and I see the Travelers tower on the way to work everyday - it is a state icon ...

Sharon said...

CT Mom,
Travelers hires an outside company to determine the replacement costs for both rebuilding and personal property. The rate goes up every year, so I imagine that has something to do with it.

LeighAnn said...

That is a great thing to have! Funny the things we have access to and don't know it!