When Do I Renew My Homeowners Insurance?

Life is full of exciting changes, and your insurance coverage must follow pace. Your homeowner's policy should cover all you have to safeguard, from kitchen renovations to backyard gazebo additions. Therefore, when should you conduct a review of your home's insurance? The following are nine critical times to contact your agent and review your homeowner's insurance policy to ensure you're adequately insured.

Date of renewal. Your homeowner's insurance policy's renewal date is an excellent time to conduct a review. A typical house insurance coverage is one year in duration. A few weeks before the renewal date, you will get a renewal statement. If you opt to pay your fee, most insurance companies will renew your coverage automatically.

Our recommendation? Examine your insurance thoroughly before merely paying the fee and renewing it. Verify that all information is accurate, from the amount of coverage and deductibles to your residence. Afterward, you can decide if you want additional coverage based on changes to your house or personal property throughout the year.

Even if no significant changes occurred during the year, contact your agent to schedule a personal insurance review. Furthermore, you never know what you might learn or what additional coverage we may offer to benefit you!

New collectibles. If you've added any new valuables to your houses, such as pricey jewelry or flat-screen television, be sure to update your home inventory and your insurance policy to reflect the new values. The value of your possessions accumulates faster than you realize, so it's critical to understand how much coverage you need to protect your personal property appropriately.

This is a perfect moment to verify whether you have coverage for your assets with replacement cost value (RCV). RCV ensures your possessions for the expense of replacing them with similar things of comparable quality, without regard for depreciation. Bear in mind that your basic homeowner's policy may include just actual cash value coverage (ACV), which means that you would be covered for the current market value of your personal property, not for the cost of replacement.

Also, were you aware that certain property types may be excluded from coverage under a typical policy? For example, jewelry, gemstones, watches, and furs are covered up to a maximum of $2,000. This means that if a tragedy happens, such as a fire, you would receive no more than $2,000 to cover all of those expenses. That is why it is prudent to consider itemizing specific assets, such as your new ring, not only to boost the coverage amount but also to extend the types of losses covered. It's an excellent idea to itemize your jewelry if you want peace of mind that you'll be able to cover your ring in any situation. Are you concerned about losing it? Regrettably, your regular homeowner's coverage will not protect you. However, if you itemize your coverage, you may count on your insurer to assist cover the expense of replacing your ring! Learn more about jewelry protection.

Enhancements to the exterior. Upgrades to your home, such as a storage shed or swimming pool, should cause you to check your homeowner's policy. These types of improvements are referred to as other structures, and they are not always covered under your ordinary policy unless you acquire additional coverage.

Other structures coverage allows you to choose whether to have a single amount cover all the structures on your property (blanket coverage), to pick and choose which buildings and systems you want to be protected, and the appropriate coverage amounts for each (scheduled coverage), or to opt-out of this type of coverage entirely.

Additions or renovations. The cost of repairing your property may increase due to renovations or additions. Therefore, once you've completed your remodel, particularly significant modifications to a kitchen or bathroom, ensure that your home insurance policy is upgraded and provides adequate coverage in the event of an unexpected event. Consider these recommendations for saving money on your home improvement, as well as a cost estimate for remodeling a bathroom.

Which coverage should you consider once your remodeling is complete? You've undoubtedly invested in some new appliances, such as a refrigerator or stove, to complement your lovely new kitchen - ensure that your personal property coverage is increased to protect your new possessions adequately. Additionally, because you renovated a portion of your property, the value of your home most certainly increased. You'll want to examine your dwelling coverage limit to ensure that you have enough coverage in the event of an unexpected loss to repair or rebuild your house.

Additionally, if you're planning to relocate during the construction, you can get home under renovation, repair, or remodeling coverage, which covers theft of building supplies while you're away. Your agent can assist you in obtaining and terminating this coverage.

The basement has been recently finished. If your basement has been renovated, your new digs may require additional water backup coverage. This will aid in protecting your new furniture, carpet, and other personal property in the case of a clogged drain or sump pump failure.

Additionally, as mentioned previously, your refurbished basement may have new furniture to complete the room, and your home's worth is likely to have grown. Ascertain that your personal property and housing policies are current.

Updates to the smart home's security. We appreciate your proactive approach to protecting your house and family, and we'll reward you for it as well! Install qualifying smart home devices in your places, such as the Frontpoint Home Security System, the Ring Video Doorbell, smoke/fire detection, water leak monitoring, or theft protection. You may be eligible for a homeowners discount. Contact your agent to learn how to save money on your insurance policy.

Interesting material: Notify your insurance company if you've added anything to your homes, such as a swimming pool, trampoline, hot tub, or swing set, to ensure that you're fully protected in the event of an accident. Suppose you add these types of enhancements that are particularly tempting to children. In that case, they have deemed an "attractive nuisance," and you may be held accountable for any injury to a child, even if the youngster is trespassing on your land.

Liability insurance safeguards you against costly litigation and medical bills if someone is injured on your premises. That is why each addition, such as the examples above, necessitates a review of your policy's liability limit. If your liability limit is insufficient, you can acquire umbrella insurance, adding a coverage layer above your typical home's policy's liability limit.

A new companion. Notify your insurance company if you intend to bring Fido home as the family's latest member. If Fido decides to take a nip at someone unexpectedly, you'll want to ensure you're adequately covered. Here's some further information about pets and homeowners' insurance.

Adjustment for property inflation. Generally, your insurance carrier will automatically increase your coverage to reflect inflation in building costs but double-check, to be specific. If construction expenses continue to rise, you'll want to ensure that your insurance coverage stays pace.

Homeowner's insurance review does not have to be a time-consuming process. A brief conversation with your agent will assist you in ensuring that your insurance meets your needs. Make informed decisions about homeowners insurance by reading up on questions to ask your agent and perusing homeowner coverages to ensure you're aware of all the ways you can protect yourself.