5 Smart Questions to Ask: Review Your Homeowners Insurance Policy 

As a homeowner, having the right insurance policy gives you peace of mind, but how do you know when it’s time to review your home insurance coverage? As our lives evolve, so do our homes. 

Maybe you’ve added that dream kitchen, finished the basement, or upgraded your floors. If your policy hasn’t been updated to reflect those changes, you could be underinsured when it matters most. Now is the perfect time to review your homeowners insurance coverage to ensure it fully protects your home. 

Why Do I Need to Review My Homeowners Insurance Policy? 

Regularly reviewing your homeowners insurance policy is essential to ensure it aligns with your current circumstances and adequately protects your home and belongings. As life changes, so can your insurance needs. A periodic review can save you from potential gaps in coverage or unnecessary expenses. 

Most insurance advisors recommend reviewing your policy annually—or anytime you make a significant update to your home or lifestyle. Renovations, new valuables, or even household changes can all impact your coverage needs. A quick review today can help you avoid costly surprises later. 

5 Smart Questions to Ask About Your Homeowners Insurance Policy

1. Does my policy reflect recent upgrades to my home?

Home improvements, like new flooring or a finished basement, can change your coverage needs. Ensure your policy reflects the needs of your home now to avoid being underinsured.

2. Are my valuables properly covered?

Standard policies often limit coverage for high-value items like jewelry, art, or electronics. If you’ve acquired something meaningful or expensive, ask your agent whether a Personal Article Floater or endorsement is needed to fully protect it.

3. Do I understand what’s not covered?

Every policy has exclusions. Common ones include flood damage, earthquakes, and normal wear and tear. Knowing what’s not covered can help you make informed decisions about adding supplemental coverage where needed. 

4. Do I have enough liability protection?

Standard policies often limit coverage for high-value items like jewelry, art, or electronics. If you’ve acquired something meaningful or expensive, ask your agent whether a Personal Article Floater or endorsement is needed to fully protect it.

5. Would I be covered if I couldn’t live in my home during repairs?

Loss of use coverage helps pay for temporary housing and living expenses if your home becomes uninhabitable. Check with your agent to find out exactly what would work for you in a similar situation.

The Benefits of Choosing to Review Your Homeowners Insurance Coverage  

Conducting a thorough policy review involves several key steps. Start by contacting your insurance agency to set up a time to connect. Together you can find the best way to gather all relevant documents, including your current insurance policy, recent appraisals, and any receipts for high-value items.

This documentation will help you assess whether your current coverage is sufficient. Next, take the time to:

• Reevaluate Your Coverage Needs: If you’ve made upgrades to your home or added personal property, your policy might need an update. It’s important to ensure your dwelling protection reflects the cost of rebuilding your home, not just its current market value.

• Look for Savings Opportunities: During your review, ask about any savings you may qualify for, such as bundling home and auto insurance or installing home security systems.

• Consider Supplemental Coverage: It might be worth exploring additional endorsements or riders, such as flood insurance or personal liability protection, to address specific risks that may not be covered under a standard policy.

Contact Your Agent to Review Your Homeowners Insurance Coverage 

When was the last time you reviewed your homeowners policy? Taking these steps to review your homeowners insurance coverage will give you peace of mind knowing that your home is protected, no matter what life throws your way. An experienced independent insurance agency can offer insights into potential coverage gaps and suggest appropriate adjustments. Contact our team to learn more about how reviewing your policy can benefit you today.