The Insurance Information Institute recommends reviewing your home insurance policy twice a year. However, you should also review your policy whenever one of the following situations occur:
1. When the homeowners policy comes up for renewal. While it is tempting to pay the renewal bill immediately, this is a perfect time to review your homeowners policy and contact your insurance agent with any questions about your coverage or premium. Some examples may include:
- Am I receiving any and all discounts available to me?
- Should I begin to comparison shop with other providers?
- Has my home insurance provider made any changes to my coverage?
- Does my homeowners policy include separate deductibles for certain risks?
- Can I raise my deductible to save money?
- Have I adequately insured all of my personal possessions?
- Do I need to increase coverage for liability or structural reasons?
2. When you make major purchases or alterations to the home. Building that new deck? Just purchased a big screen TV? Next step is to call your home insurance agent. Making new purchases or adding improvements to your house is usually a great time to look at your home insurance policy. A perfect example of a major improvement includes adding or expanding a room, such as a kitchen or bathroom.
Additionally, if you or a member of your family has received an expensive gift, such as artwork, a computer or even an engagement ring, talk to your agent about either increasing the amount of insurance you have for your personal possessions or purchasing a floater/endorsement for these items.
3. When you've made your house safer. Installed a fire or burglary system in your home? Call your home insurance agent immediately, as you may qualify for a new discount. Other examples include upgrading your heating, plumbing or electrical systems. Just let your home insurance agent know and see what they have to offer.
Last Updated: September 16, 2010 4:22 PM
Do you have other questions about home insurance or how to get started? Visit our FAQ page to see questions that have been posted by our customers. Want to speak with one of our licensed agents? Click to Request a Call here and one of our agents will call you. Or call an agent directly at 1-877-763-6862.
» More Frequently Asked Questions About Homeowners Insurance
