Today’s show was a lot of fun and I’ve already received some questions from viewers. One of the most common questions has to do with Homeowners Policies. Most consumers have this paid by the bank as part of their mortgage payment, so when the policy renewal comes in they put it aside and say, “Oh, the bank pays this so I don’t have to worry about it.” Wrong.
It’s important to re-evaluate all your policies EACH YEAR (homeowners, auto, health, life) because you could be missing out on savings. It’s important to make sure you have your home insured for the actual cash value (ACV). So you need to make sure you have an RCV (replacement cost value) clause in your policy and be insured to value or you might find yourself with the inability to repair, replace or rebuild your home at full value in the event of a covered loss. Also, you insure the HOUSE not the DIRT. So if your home is valued at 300K, you won’t insure the house for that much!
For more tips, watch the Fox and Friends clip online!
America’s Family Financial Expert (R)