Tips for Reviewing Your Homeowners Insurance Policy Annually

Homeowners insurance is essential to your fiscal security and peace of mind.

These policies can establish and maintain a potent financial shield for you and your family, helping to ensure you can rebuild or repair your home and manage other monetary repercussions following many common incidents.

However, your insurance needs and coverage options may change over time, necessitating regular reviews and potential adjustments.

5 Steps for a Successful Insurance Review

In many cases, homeowners insurance policies have 12-month terms, making an annual review of your coverage a logical and necessary task. As a responsible homeowner, you must avoid cutting corners or taking this process lightly, as inaccurate assessments of your coverage needs could leave you with potentially costly coverage gaps or suboptimal rates. Consider the following steps when reviewing your policy:

1. Assess rebuild costs. If you’ve made any changes to your home, such as upgrading your kitchen or adding a bathroom, you’ll need to make sure these increases in value and potential rebuild costs are reflected in your coverage limits.
2. Consider new possessions. While home insurance typically includes coverage for your home’s contents, standard policies may not have sufficient limits for particularly valuable items. If you’ve purchased high-end electronics, fine art or jewelry, revisit your coverage and consider adding additional insurance.
3. Account for life changes. Major life events, such as getting married or having a child, can impact your coverage needs. Other adjustments, such as starting a home-based business, may require you to retain additional insurance. Even getting a dog may affect your home insurance, as certain breeds may affect your liability coverage options and costs.
4. Explore other quotes. Even if you’re happy with your current carrier, you may be able to retain the same coverage while getting a better deal elsewhere. Working with an independent agent, such as those at Above All Insurance, can help you peruse the offerings of various insurance companies and find the best deal.
5. Consider bundling. If you have other forms of insurance, such as auto coverage, talk to your agent about bundling possibilities. Purchasing multiple policies from the same carrier can help you save on total costs.

We’re Here to Help

Contact Above All Insurance in Phoenix, Arizona, today to learn more about coverage options or to compare personalized quotes for ideal policies.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.