Fifth of Five
By Anné Desormier-Cartwright, JD, Esq.
Article 5: Reviewing Insurance Coverage for Your New Home
The prior article discussed the importance of life insurance and beneficiary designations after buying a home. Homeowners should also review their property and casualty insurance coverage after closing.
When purchasing a home, insurance needs often change dramatically. Coverage that worked while renting may no longer be sufficient once you own real estate and assume responsibility for the property.
If your home is titled in the name of your trust, it is important to notify your insurance carrier. The policy may need to reflect the trust ownership and include trustees as additional insureds.
Failing to update insurance information could potentially create complications with coverage or claims.
Homeownership may also create opportunities for savings. Many insurance companies offer discounts when policies are bundled together, such as combining:
- Homeowner’s insurance
- Automobile insurance
- Umbrella liability coverage
You may also qualify for coverage options that were unavailable while renting.
In addition to standard homeowner’s insurance, homeowners should consider whether additional protection may be appropriate, including:
- Flood insurance
- Windstorm coverage
- Umbrella liability policies
- Valuable personal property riders
A simple review with your insurance agent can help identify gaps in coverage and ensure your home and assets are properly protected.
Buying a home is a major milestone. Taking the time to coordinate your insurance, title ownership, and estate plan can help protect both your property and your loved ones for years to come.
Questions about your estate plan? Call our office at 561-694-7827 and schedule a consultation. Elder & Estate Planning Attorneys PA, 480 Maplewood Drive, Suite 3, Jupiter. The content of this article is general and should not be relied upon without reviewing your specific circumstances by competent legal counsel. Reliance on the information herein is at your own risk, as it expresses no opinion by the firm on your legal needs. An attorney client relationship is not created through the information provided.
