Chelsea Insurance Blog

House in Connecticut that was abandoned due to flooding from Hurricane Irene, via wsj.com

Did you purchase your CT homeowners insurance in a rush because insurance was a condition of your mortgage? Did you carefully read the terms of the policy and understand the inclusions and exclusions, or did you file the document away without knowing what homeowners’ insurance protection is in place? Have you been putting off thinking about homeowners’ insurance coverage?

Don’t procrastinate: it’s far better to review your insurance protection now and fill any gaps in coverage than to find out after a disaster that you are not fully protected.

Read through the terms and conditions of your policy and if you’re not certain about anything, speak to your agent or insurer. Identify possible gaps in your insurance coverage by asking yourself a few questions:

• Have I invested in home improvements that have altered the value of the property?
• Has the cost of rebuilding the property increased or decreased since I purchased homeowners’ insurance?
• Have I acquired any valuable possessions that should be added to my policy?
• Is liability coverage on my policy adequate for my situation?

It’s not possible for a standard CT homeowners insurance policy to cover every situation that you might encounter, and it’s important for you to be clear about what protection you have. Talk to your insurer or agent if you think there may be a gap in your coverage. You can adjust coverage or purchase additional protection to ensure that you have adequate financial protection.

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