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When should I review my home insurance policy?

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

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