Life can change fast, and through those changes, your home insurance must provide you and your family with the level of safeguarding against financial loss that suits your circumstances. But how do you know if it does?
Reviewing your insurance policy each year can allow you to ensure your home insurance is keeping pace with your ever-evolving life. Several factors influence insuring a home, including the value of your home, the cost to rebuild it, and the value of your belongings inside. Those factors and other influences may have changed since you bought your home and your home insurance, so you could be due for a review.
Here are three reasons to review your home insurance annually.
1. To Check for Adequate Coverage Limits
Generally, the value of a home increases over time. That means it may cost more to repair or rebuild from a fire or a weather disaster. Depending on your location, the value of your home may change from year to year.
Reviewing your home insurance each year helps you to capture that change and match the appropriate coverage limit to the value of your home.
2. To Adjust to Changes to Your Home
Renovations, additions, or updates to your living space can increase the value of your home and change the nature of it. For example, alterations can make the coverages and limits in your current homeowners insurance policy inadequate.
Similarly, a fire, lightning strike, or damage from a windstorm or hail could leave you with a financial loss without updated home insurance coverages and limits to repair the aftermath.
This also applies to your personal belongings. New furniture or high-value items may require you to reassess your coverages and limits. The value and type of items you possess might require a change from relying on standard personal property coverage to scheduling or itemizing valuable property to get the coverage you need.
3. To Cut Costs or Take Advantage of Discounts
It might be hard to imagine, but you may be able to save money on your home insurance by reviewing your policy each year. Sitting down and reviewing insurance policies with your insurance agent could turn up new insurance products that might save you money.
You also could be in line for discounts for upgrades that improve safety or make your home more resistant to damage, such as:
- Putting on a new roof
- Updating your home’s wiring
- Installing a security system
- Adding energy-efficient windows, insulation, or heating and cooling
Insuring your home can involve different circumstances each year, and reviewing your policy can help you keep up with any changes.
Review Your Home Insurance With Warrior Insurance and Services Group
Your home and everything in it, including your family, are too important to leave to chance that nothing will ever go wrong. A comprehensive homeowners insurance policy can offer the comfort that you may be made financially whole if something goes awry.
Warrior Insurance and Services Group can review your home insurance policy with you and match the appropriate coverages and limits to your unique circumstances. Give us a call today for all your home insurance needs.