As we begin 2008, let me give you a few thoughts for your consideration as your consider your financial strategies for the year. Over the next few days, I will offer thoughts gathered from many real estate publications that may help you decide which steps you can and should take regarding home ownership, security and investment potential. First, the beginning of the year is a good time to review your homeowner's insurance policy and your coverage - be sure you are adequately covered for full replacement cost in case of loss, but also be sure you are not including the price of the land in your coverage. Many find it beneficial to raise the amount of their deductible so that their premium is reduced, which means your homeowner's insurance acts more as a policy in case of catastrophic loss rather than coverage for a broken window, etc. You may also want to specifically discuss any high value items in your home with your agent. Sometimes they can recommend a policy for specific articles that is cheaper than just increasing the amount of your personal possession coverage in your homeowner's policy. This is also a good time to take current photos of your home and your possessions which you can then store in a safe deposit box or in your office. This removes any possibility of dissent over the condition of your home and contents should you experience loss. Protecting your home and belongings only makes sense, but you also do not want to be overinsured during this time of increased premiums.
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