Start the new year off with some peace of mind with an insurance checkup. Today we will take a closer look at homeowners insurance, an important component of your holistic financial picture. Has your homeowners coverage kept up with your home’s value? Rising construction costs in some areas have resulted in some homes being underinsured. Guaranteed replacement cost coverage insures the home for the full cost of rebuilding. An inflation guard feature may not be enough, as construction costs may increase faster than inflation, leaving you at risk if your home is completely destroyed. Also verify the square footage of your property and document the interior and exterior condition of your home, especially if you have made improvements or additions. Your homeowners policy also covers the contents of your home. Document with photos or video important items like jewelry, tools, artwork, appliances and electronics. Rare items like antiques, artwork, jewelry and coins may need an appraisal to ensure you get a fair replacement value. If you own a condo or townhome, you made need additional coverage for personal property beyond the association’s policy. Home-based business owners often assume their homeowners coverage also protects assets owned by the business. It’s best to double check by making an inventory of equipment and furniture. If your home is destroyed, you’ll be out of work for a period of time. A home-business endorsement can also cover that loss of income. We’ve only covered homeowners insurance, but now is a great time to review your auto, umbrella liability, disability and life policies. We can work with you and your insurance professional to make sure you have the most effective coverage to protect your wealth. Call your personal financial advisor, Jordan, at 303-741-9772, email him at Jordan@JordanDechtman.com or visit our website at www.JordanDechtman.com to schedule a review of your situation.