Caleb Meriwether, Haven Insurance Partners, visits with Dan Reaves, host of ‘The Dan Reaves Show,’ today, and each Wednesday at 3:30 p.m., to discuss all things insurance.
- Homeowners Insurance: Protect the House Itself
Dwelling Coverage – Make sure your policy covers the full cost to rebuild your home, not just the purchase price.
Other Structures – Detached garages, sheds, or fences should be included.
Personal Property – Covers furniture, clothing, electronics, and other belongings. Take an inventory and estimate replacement value.
Loss of Use – Provides funds for temporary housing if your home becomes uninhabitable after a covered loss.
Liability Protection – Protects you if someone is injured on your property. Consider increasing limits beyond the minimum.
- Life Insurance: Protect Your Family’s Future
If one income helps pay the mortgage, life insurance ensures your family could stay in the home even if something unexpected happened.
Calculate coverage at least equal to your mortgage balance plus living expenses.
Decide between term life insurance (affordable, straightforward coverage for 10–30 years) or permanent life insurance (long-term with added savings component).
- Auto Insurance: Adjust for Your New Location
If your new address changes commute times, garaging location, or local risk factors, your auto premiums could shift.
Update your policy with your new address.
Ask about bundling auto and home for a multi-policy discount.
- Umbrella Liability Coverage: Added Protection
For families with assets to protect, an umbrella policy provides extra liability coverage above home and auto policies—often in increments of $1 million, and usually at an affordable rate.
- Special Coverage for Valuables
Engagement rings, jewelry, collectibles, or high-end electronics may exceed your standard homeowners policy limits.
Ask about scheduled personal property coverage to ensure these items are fully insured.
- Flood & Earthquake Insurance: Know What’s Not Covered
Standard homeowners insurance does not cover floods or earthquakes.
If you’re in a flood-prone area, look into a separate flood policy (sometimes required by lenders).
Earthquake insurance may also be worth exploring, depending on your region.
- Health & Disability Coverage: A Safety Net
A new home often comes with new financial responsibilities. Having health insurance and disability coverage ensures you can meet those obligations even if illness or injury strikes.
- Update Beneficiaries & Important Documents
Update insurance beneficiaries to reflect your new family status.
Keep policies, mortgage papers, and estate planning documents in a fireproof safe or secure digital vault.
Haven is here to guide you thru these important decisions.
