Every year, you’ll be asked to renew your homeowners insurance. This is a great chance to review your coverage and consider whether you’re getting the best rate. Here’s what to review when renewing:
- Your homeowners insurance renewal statement
- Check basics, like addresses, the people listed under your policy, and whether coverages and deductibles are accurate. If you pay the premium instead of objecting, the insurance company will probably renew the policy at the stated rate.
- You may want to adjust your coverage for the following:
- Home renovations, which add value to your home but require more coverage.
- New purchases, like furniture, TV, gym equipment, or a computer. Consider doing your own home inventory to see what you still need or no longer need coverage on.
- In-home business expenses. Homeowners insurance typically limits coverage to personal possessions, not work.
- Whether your insurance reflects major life changes, like…
- A new family member, such as a baby. Report any measures taken to reduce liability to insurance so you can be given credit.
- Blending households. You may consider using one policy to cover the whole household.
- Paid off mortgage. Due to this, you may be able to enjoy more leeway in your policy.
- Renewal rate
- Premiums can change due to environmental factors out of your control, such as increased fires or burglaries in the area, but it doesn’t hurt to ask your insurer questions or try to reduce premiums on your own.
Considering whether to renew or leave your current insurance company or switch up your current policy can be a huge decision. Consider whether your financial situation has changed. If you can now afford to pay more out of pocket, then maybe you want lower premiums and higher deductibles. If you want to save money, then you may want to check whether new discounts now apply to you or bundle your home and auto policies.
Now, about your insurance company, do you still like working with them? Are the agents always friendly and helpful? Have you ever had a problem with them handling a claim?
You can ask our agents all these questions and more by reaching out today:CONTACT US
*This information was provided by Esurance.