When was the last time you did a Home Insurance policy checkup? A regular review helps confirm you have adequate coverage for theft, loss, or damage and prevents you from paying for protections you no longer need.
Consider these questions during your next policy checkup.
Did you renovate or remodel your home?
Any change to your home's structure or size can affect replacement cost estimates. Even finishing a basement or adding a deck can increase the coverage you need.
Did you install a burglar alarm?
An alarm system may qualify you for discounts and lower your premium, so tell your insurer about any new security upgrades.
How much coverage do you really need?
Many homeowners overestimate or underestimate the value of the dwelling and its contents. Use your property assessment to estimate the dwelling value and create a home inventory to document contents and outbuildings.
Have you added new valuables or collectibles to your home's inventory?
Inherited jewelry or an art collection might need a specialty endorsement or policy. You may need coverage such as High Value Homeowners Scheduled Personal Property for certain high‑value items.
Do you have replacement cost or actual cash value coverage?
Replacement cost pays to replace items with similar quality materials, while actual cash value pays after factoring in depreciation. Know which applies to your dwelling and personal property.
Did you start a home-based business?
Working from home can change your risk profile. Share details about business equipment, inventory, or client visits with your insurer so your activities are covered appropriately; if you're unsure, talk to your agent.
Do you need flood or earthquake coverage?
Standard homeowner policies often exclude flood and earthquake damage. Check with your carrier about optional policies available in your area.
Can you afford the deductible?
Your deductible affects premium costs. Choose a deductible level you can comfortably pay after a loss and adjust it if needed.
How frequently do you pay premiums?
Some carriers offer reduced overall costs for annual payments instead of monthly installments; review payment options when updating your policy.
Evaluate your coverage at least once a year to verify you have the right amount and types of protection for your needs.
Frequently Asked Questions
How often should I update my home inventory?
Update your inventory whenever you make significant purchases or at least once a year to keep values current.
Will installing safety devices always lower my premium?
Safety devices can reduce risk and may lower premiums, but savings depend on your insurer and the device type.
Is flood insurance included in a standard homeowner policy?
No, flood damage is typically excluded from standard policies and usually requires a separate flood insurance policy.