The excess umbrella policy, which covers you, your deceased spouse and other members of your household, provides additional liability protection over your home and auto insurance, as well as boats and rental properties. Though the cost is relatively inexpensive, much depends upon your assets and what other exposures you have to determine whether it makes sense for you to continue it.→ Read More
Homeowners Insurance Decisions for Widow(er)
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I own my home outright after the death of my husband and want to reduce my insurance amount. The agent says I can’t. I don’t understand.
The insurance policy is intended to replace or repair your home if it is damaged by a covered peril so the insurance company wants the home insured to its full replacement cost. They don’t want to over insure the home, but if it’s underinsured, the premiums the company collects will not reflect the actual financial exposure they face.→ Read More
I have a lot of artwork that I received from my now deceased husband. Is it insured under my homeowner policy?
The homeowner policy provides limited protection for fine arts or antiques. Each company is a little different, so you need to speak to your insurance agent to find out the limitations in your policy. You can sometimes increase the limits in the policy or purchase a Valuable Articles Policy.→ Read More
I am widowed; I had flood insurance because the bank made me buy it. I have paid off my loan. Do I still need flood insurance?
If you no longer have a loan on your home, you are not required to continue the flood insurance. However, you should consider keeping the insurance if you’re in an area that’s at a high risk for floods.→ Read More
If you are on fixed income, review your homeowners policy with the agent to see if there are any credits that you are eligible for, but currently are not being included. Another way to reduce your costs is to increase your deductible.→ Read More