Boomer Homeowners: Are you underinsured on your single greatest asset?

Attn: Baby Boomers

It's time to verify you are not underinsured on the asset that has risen in value 25-100% over the past several years.

Here's a really good idea that you either hadn't thought of or have simply been putting off in addressing. Either way, there is an easy fix. Pick up your phone and call your insurance agent and make sure that your home is adequately insured. The insured value of your home should reflect any changes you made to it over the years you've owned it. Furthermore, if you've been accumulating jewelry, art work or even a large screen HDTV, make sure that these are on the policy (jewelry often requires to be attached via a rider).

Besides being a home, it is your single greatest asset for retirement and you don't want to use up valuable equity repairing it in the case of calamity because you were underinsured. While on th topic of calamities, here's a great tip on how to use that new digital camera/camcorder, walk around the house and look at all of your valuables. It provides a great record of what you have (in case you ever need to create a list) and at a minimum will be hilarious to watch in 25 years.