The value of your home insurance policy
The older your home insurance policy you have purchased, the more changes are that you might have to look in to it over again. Say, you have purchased a home insurance policy about 10 years back for a value of $30,000 and the value of your home have grown with equity to $75,000 now. Of course, your building structure value would have declined, but if there happens to be any misfortune or destruction, building up your house over again in the rates that currently apply will definitely be different and more.
If you are that Mr. Right who has been paying the dues regularly and are conscious of the importance of insurance, the cash value cover that you might get from your old insurance would not be enough. Because your cash value coverage would pay you with the depreciation cost value of the property only. So, it is high time to dust out your home insurance policy and make some amendments in the coverage value and if need be revise the value of your home insurance policy and get a replacement cover! if you are really wise.
However, the replacement cover and extra coverage will cost you more, but the money is worth the value than having a policy that is aged enough like your teenager son.