If you’re like a lot of people, you probably set up your insurance decades ago, maybe moved a few carriers in-between, but for the most part – no major changes. At the end of the day, you’re paying the premiums, so you’re covered, right? Not necessarily.
As years go by, replacement costs in properties can rise due to home renovations (in addition to inflation); young drivers grow up, and life changes may cause them to move around; and you may have picked up a few nice things along the way, or your nice things are worth a whole lot more than your policy lists it out to be.
Suffice to say, insurance needs change over time, so it is always worth taking a closer look at your policies to ensure you’re adequately insured.
🚘 Auto Protection in Reverse?
A lot of times families package their auto insurance to get the most out of multi-car discounts, home package discounts, and sometimes a generally more acceptable risk (since the risk is not solely based on a youthful driver or driver with an incident on their record).
The only problem in these scenarios is when people begin to age and move out, they may take their vehicles with them leading to changes in vehicle title, garaging address, and general usage and exposure. If a vehicle title changes from a parent’s name to their child’s, for instance, this can lead to a gap in coverage as the policy holder (parent in this hypothetical scenario) is no longer on the title and therefore no longer has “insurable interest” (a fancy way of saying they don’t have the right to provide coverage for the vehicle since they don’t own it). In these events, insurers may reject coverage on the vehicle.
🏡 More Square Footage, Less Coverage?
A lot of home projects and renovations can lead to a need for coverage re-evaluation. For instance, you may have replaced/upgraded your roof, built a new pole barn or garage, got an addition, or finished your basement or patio.
Most insurers discount homeowners coverage deeply for newer roofs, especially ones with hail-resistant shingles. For many other scenarios, it usually means an increase in replacement cost value. Your home policy’s dwelling value is the anchor in which many coverages hinge on. So getting this value accurate is not only important for accurate rebuild costs, but also for many of the other coverages associated with your property such as personal property, other structures (detached garages, fences, pools, etc.), and loss of use.
💎 Undervalued and Underinsured?
Within most home insurance policies is a form for “inland marine”. No, this isn’t anything related to watercrafts – though you may be able to schedule boat coverage – this has to do with high-valued scheduled personal property. Jewelry, artwork, collectibles, high-end electronics, just to name a few.
You may have a personal property limit on your home policy, but in several common cases this does not cover these high-value items or does so with extreme limitations (such as a low value limit per item, and restricting coverage from sudden disappearance or theft – the most common losses for high-value property). To protect these, you may consider scheduling them on the home policy. Perhaps you’ve already done this and have all your valuables accounted for – that is you did so years ago. Unfortunately, while they may be listed, the values of each item may be severely undervalued. Obtaining and providing new appraisals and estimates to your agent can allow you to fine-tune and accurately protect these treasured items.
👍 Independent Options, Personal Service
Having to manage these, and doing so over several years, can certainly take time and add confusion jumping through underwriting requirements and eligibility. Having a professional and reliable agency on your side will make this process and finding the right coverage at the right price a lot easier!
If you’re in Nebraska and are looking for a family-owned and operated agency, why not contact our team? We’d be happy to run estimates on your home, auto, business, life and more!
Note: The examples and descriptions used throughout this article are for general information purposes only, not legal advice. All scenarios presented are fictional, any similarity is merely coincidental. Coverage is not guaranteed, rather they are subject to the decision of insurance underwriters and other authorities. Policy/coverage availability and limits can vary based on person, location and other variables. Please consult your insurance agent and review your insurance policies to understand your existing coverage and/or potential coverage options. Read our disclaimer.
Some content was provided by Auto-Owners Insurance. This can be read at https://auto-owners.com/ao-blog. Keep in mind, Auto-Owners may have their own disclaimer and coverage descriptions and options are subject to each insurer.
© 2025 Jeff Munns Agency, Inc.
