Fewer than one in five homeowners update their policies

Professionals in the insurance industry offer guidance to policyholders when it comes to their most important investment: their homes. Some of the best advice those agents and representatives can give their clients is to update their insurance policies following any major purchases or household updates. This is because a new valuation can more accurately reflect the current replacement value of a property, leading to a more precise settlement if a claim is filed. 

However, Liberty Mutual Insurance released a study two weeks ago that notes less than one in five Americans updates their homeowners policy following such a purchase or change. 

"Only 18 percent have formal documentation of their belongings, meaning, apparently, that everyone else just makes an estimated guess and stores all the information in their heads," explains U.S. News and World Report. "One-third of Americans don't know the value of their household possessions, and almost 10 percent are unaware that they should check to make sure they have enough coverage to protect their belongings from theft or damage, the study found."

As a result, those homeowners may be under-prepared for a potential catastrophic loss or incidental damage. Reviewing a current policy and amending it to account for the latest changes to a home can save money and inconvenience when an unforeseen event occurs. 

Insurance professionals need a consistent valuation method that provides accurate and up-to-date replacement values for properties in their books. With e2Value's solutions, those agents and representatives can access a suite of services that are customizable to their diverse business needs. Contact us today to learn more about our valuation calculator, workflow solutions and other services that improve business models and allow agents to handle more volume.