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Don't Forget to Review Homeowners Insurance
05/15/24
A home equity loan is a great way to get funds to add on or improve your current home. Once the construction is complete – or, in fact, while construction is underway – make sure you review your current homeowner’s policy and adjust your coverage to reflect the new value of your home.
Most policies provide either a fixed amount or “replacement” coverage. (Just like it sounds, replacement coverage is designed to pay the amount required to replace your home if it is damaged or destroyed.) In either case, make sure your policy covers the current value of your home, and not just the “old” value. If disaster strikes, your insurance may be the only protection you have – when you refinance to make improvements, make sure you have the protection you need.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Private Wealth team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.