Why Should I Review My Home Insurance Policy Once A Year?

​When people first move out and into their new home, they usually purchase homeowners insurance or a renters insurance policy. Following that, many people pay little attention to the policies. They do not perform home insurance reviews to ensure they are properly covered as they make renovations, purchase new items, or replace existing appliances over time.

Tips for Conducting a Successful Homeowners Insurance Review
Consider taking these steps the next time you need to renew your insurance policies to help you get the most out of them.

1. Make a home inventory 
   A home inventory is a collection of the assets in your home, the date you purchased it, and the price you paid for it. This summary can be utilized to discuss your requirements with your agent as you select the appropriate coverage.
   
   
2. Talk to your agent
   Your insurance requirements will change over time. So, a home insurance review with your agent yearly can help you identify whether your policies are still appropriate for your current situation. 
   
   
3. Examine home renovations
   If you have made some additional touches on your home or modified any rooms, be sure to discuss them with your agent to ensure that your coverage reflects the changes. Even new sprinklers, sheds, pools, or even a new riding mower may necessitate policy changes.
   
   
4. Share any equipment changes 
   Just like home remodeling, updating your furnace or air conditioner can boost the value of your home.
   
   Confirm that your home is insured for the estimated cost of rebuilding. You should also ensure that any upgrade estimated cost accurately reflects the essential features of your home. Insuring your home for at least 100 percent of its estimated replacement cost — not the current market value — could provide you with the funds to completely replace your home in the event of a loss.

The Bottomline
Understanding your current coverage options and recognizing any limitations and exclusions to the homeowners' policy will help you get the most out of your insurance. With that, you can be better prepared for a loss if you understand what was not covered.

At UG Insurance Brokerage Inc, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (718) 848-7777. You can also request a free quote by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agents today to ensure that your needs are being met and learn more about your policy. We are happy to help!