1. Home
  2. Answers
  3. Insurance Basics
  4. At Renewal Time, Take a Moment to Review Your Homeowner’s Policy

At Renewal Time, Take a Moment to Review Your Homeowner’s Policy

Reviewing your homeowners policy once a year can protect you from the unexpected.

An insurance research firm, CoreLogic, reports that up to 25% percent of homeowners are underinsured because their policies have not been properly reviewed and updated.

Sometimes we forget to let our insurance agent know about changes. If you put an addition on your home, it’s important to notify your agent. Or if you add a home theater system or exercise equipment, those items also need coverage. Here are some things you should report to your insurance agent:

  • Home renovations
  • Gazebo or koi pond
  • Pool or hot tub
  • High end electronics, like TV, stereo or projection system
  • Home office with business equipment
  • New family member
  • You paid off your mortgage
  • You move to a new home

There are other important considerations when you renew your policy once a year. If your home is a total loss, it may cost more to rebuild than you realize because of updated building codes. Ask us if your policy protects you from these unexpected costs. You can also purchase extended coverage at affordable rates that will cover rebuilding cost increases.

Homeowners insurance doesn’t cover natural disaster flooding – you’ll need to purchase flood insurance to protect your home from flood risk.

As soon as you’ve purchased a new home, notify your insurance agent. This will ensure that you don’t experience coverage gaps and that your new home is adequately covered by your policy.

If you have questions about your homeowners insurance, we’re happy to help. Contact Kelly Miller Insurance Associates at (916) 652-3100 or email info@kellymillerinsurance.com.

Was this article helpful?

Related Articles

Share This