Can you recall the last time you reviewed your home insurance policy? A LexisNexis Risk Solutions survey in 2024 found that less than half of homeowners have only a general sense of what’s in their policy and its coverages, leading to surprises when they renew.
Homeowners’ insurance can safeguard the financial well-being of you and your family from being wiped away by a natural disaster, fire, theft, or some other peril. Reviewing your policy regularly can help you keep coverages in line with the value of your home and property.
Consider reviewing your home insurance policy at least once a year. Here’s a look at why and when to review your policy and the benefits of going over your coverages.
Review Your Home Insurance Policy Every Year
You should review your homeowners’ insurance policy at least once a year when it renews. Your home insurance company may send you a renewal notice 45 to 60 days before your annual policy is set to automatically renew.
Despite the automatic renewal, consider pulling out your policy and going over it, preferably with your insurance agent, to see that the coverage and limits meet your needs.
Reasons to Review Your Homeowners’ Insurance Coverage
Checking your home insurance once a year can help keep your policy aligned with your needs. However, you may have several other reasons throughout the year to review your homeowners’ insurance policy more often.
Here are reasons you should look over your home insurance policy:
- Life-Changing Events: Marriage, giving birth, getting a new pet
- Home Improvements: Remodeling or adding a room or pool
- Purchase of Valuables: Acquiring expensive jewelry, art, or more
- Changes in Your Household: Someone moves in or out of your home
- Property Appreciation: Rising property values
- Security Upgrades: Installing a security system or other safety measures
- Renting Your Home: Renting all or a portion of your home
- Starting a Home Business: Coverage impacts from equipment and liability
You also may want to review your homeowners’ insurance coverage if major weather events have increased in your area.
Why Your Insurance Review Is Important
Reviewing your home insurance doesn’t mean you need to make changes to your policy every year or every time something changes. However, a review can help you see that your coverages and limits are sufficient for your risks.
You also can spot any gaps in coverage during a review or learn about any changes your home insurance company made to your policy.
Also, the review may benefit you beyond the comfort of knowing your home and valuables are insured. You might qualify for discounts because of security upgrades or other changes you’ve made to your home, potentially lowering your premium.
Review Your Policy With Warrior Insurance & Services Group
Before you renew your home insurance or it renews automatically, consider looking over your policy. Reviewing your homeowners’ insurance policy at least once a year can keep your coverage up to date with the value of your home and property.
At Warrior Insurance & Services Group, we can review your policy with you and tailor your coverage to your home and your budget. Contact us today.