Barry Glassman

Senior Vice President at Cassaday & Co. in McLean

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Sunday, May 11, 2008; Page F04

How do I know if I have the right homeowner's insurance?

Home, car and liability insurance should be reexamined regularly as part of a complete financial plan.

If you have done a home renovation or added on to the existing property, that extra worth should be insured.

For your valuables, be sure to understand which items would be covered under a blanket policy and which ones should be itemized. Document what you own, update it when items are added and keep these records someplace other than your home.

Decide how much of a deductible you can afford should you need to use your insurance. By increasing your deductible, you are in essence letting the insurance company know that you will cover the first outlay of cash and at what point you want the company to step in.

If you cover more of the initial cost through a higher deductible, your annual premiums should decrease. This can mean more money in your pocket over time.