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When your home insurance renewal notice comes in the mail, do you file it away and let your coverage remain the same, year after year? You’re not alone. But it’s unlikely that you’re in the same situation today that you were in when you first bought your policy, and that renewal notice is a great reminder to think about how your needs may have changed, whether or not your existing coverage is still enough, and new ways you could be saving money on your insurance. When you receive your next renewal notice, consider these five factors before you file it away.

  1. Group Insurance QuoteDon’t miss out on discounts. Did you know you could qualify for discounts on home insurance if you’ve recently paid off your mortgage or installed a home security system, a monitored smoke detector, a sump pump, or a new roof? These are just a few of the discounts you may be eligible for, depending on your location and your insurer. Be sure to ask your group’s broker about all of the discounts available to you.
  2. Take stock. If it’s been a while since you’ve updated your home inventory, take a walk through your home and make sure all of your valuables are on the list. Remember that there are likely special limits in your home insurance policy for items like fine arts and jewelry. Review the limits outlined in your policy and reach out to your group’s broker if you need to add additional coverage for that recently acquired Rembrandt or ruby ring.
  3. Revisit your liability limit. Whether something in your life has changed that may increase the chances of someone being injured on your property (maybe you have a new pet or you’ve installed a swimming pool, for example) or you just want to make sure you have the right amount of coverage for your situation, it’s a good idea to revisit your liability limit at renewal time. Learn more about how liability coverage works and talk to your group’s broker to explore your options.
  4. Mind your business. It’s important to talk to your group’s broker when you first start a home-based business, but if you’ve recently taken on a new entrepreneurial venture and haven’t yet told your group’s broker, now’s the time to do it. Your group’s broker can connect with your insurance company and make sure you have the coverage you need.
  5. Remember your renos. You may have already talked to your group’s broker about recent renovations you’ve completed in your home, but if you haven’t, be sure to do so before you renew your policy. Your renovations may have changed the value of your home (meaning you might need to update your coverage), or you could be eligible for new discounts.

These are just a few of the things you may want to consider when renewing your home insurance policy. You could also think about increasing your deductibles (if appropriate in your financial situation) or bundling your home and car insurance policies to lower your premiums. Next time your renewal period rolls around, reach out to Robertson Hall Insurance to make sure you have the coverage you need protect what matters most.

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