If you own a home, you likely have homeowner's insurance on it, but did you realize that it is a good idea to get a homeowner's insurance review each year? By doing this, you will not only be able to make sure you have enough home insurance coverage, but you can also make sure you are taking advantage of all the discounts available to you and that the insurance company has all the right facts about your house. Here are several things you should ask about during your annual review.
The coverage values you have
The values of homes often increase over time, which means you may need to adjust your coverage amounts from time to time. The goal here is to make sure your policy reflects the true value of your home each year, and this is also a great opportunity to make sure you have enough coverage for all your personal belongings. If you purchased something this year that is of a lot of value, you should tell the agent about the item to see if you should add a rider to your policy to cover it.
Updates and additions you made
Secondly, you should discuss with the agent any updates or additions you made to your home this year. Not only can these things increase the value of a home, but they may also affect the discounts you qualify for and the risk level you assume. For example, if you put in an inground pool this summer and have not yet notified the insurance company, your agent may tell you that you need extra liability coverage due to the added risk of having a pool. If you updated the electrical system in the home this year, you may now qualify for a discount, as a new electrical system would make the house safer.
Be sure to tell the agent about any changes you made, even if they are as small as adding deadbolts or a video door bell system. Any changes you made could affect your policy in some way.
Adding a small business
One other thing you should talk to the agent about is adding a small business to your home if you did this during the year or plan to next year, as adding a small home business could also affect your policy coverage needs and rates.
If you have not asked for a yearly quote and review for your homeowner's insurance, you should do this soon by contacting a homeowner's insurance agency.