Each year when the renewal notices come in the mail for homeowners insurance, many policy holders don't pay much attention to the details – after all, what could have possibly changed other than the price?
A lot can change, and here's 4 reasons why we recommend an annual homeowners insurance policy review with all our clients here in Orange City, FL.
1. Did You Buy Anything New In The Last Year?
If you bought any new expensive items in the last year, say a new television or computer, then the value of this new purchase will not be included in the contents coverage of the renewal notice you just received. Likewise, if you sold anything of value over the last year and have not informed the insurance company then you are paying home contents insurance for something you no longer own.
Either way, your not paying the right amount of insurance premiums which can result in losing money.
2. Did Replacement Costs Stay The Same?
If you have home contents insurance then you are typically insuring your personal property for the replacement cost of buying the same thing new. It's important to ask yourself each year, would the cost of replacing a scheduled item on my policy be the same today as it was last year? If the answer is that it would cost you more that could be a problem in a loss because you’ll only get paid out what you said the cost of replacing it would be!
3. Did The Value Of Your Home Stay The Same?
Similar to the reason above, with your home buildings insurance you need determine whether or not the value of your home or the cost to rebuild it stayed the same this year as it was last year. Working with a professional independent agent makes this process easy because we have techniques for determining the appropriate coverage for your situation.
4. Is Your House Any Safer Now?
If you've done anything to your house over the last year that would make your home safer it could entitle you to additional savings. For example, did you add any deadlocks to your doors or windows? If so, then there’s a very good chance your home contents insurance premium would be reduced, as the security in your house is a major consideration in assessing your premium.
A lot can change in a year. So it's important to read your home insurance renewal notices carefully and discuss your present situation with your agent on an annual basis. If you don't have an agent who's willing to review your homeowners insurance every year to help you find more discounts contact our agency at (386) 218-4951 or click here to request a consultation today.