How to Review and Update Your Home Insurance Policy Annually

Homeowners insurance is critical to safeguard your property financially. However, simply purchasing a policy and forgetting about it isn’t enough. Reviewing and updating your home insurance policy annually is essential to ensure you have ample coverage.

Why You Should Update Your Policy

Market fluctuations and renovations can alter your home’s value, while new purchases like electronics or jewelry can affect your coverage needs. An annual review ensures your policy accurately reflects the current value of your home and belongings and helps prevent gaps in your coverage.

Renewal Tips

To review and update your home insurance policy, consider the following:

• Assess your home’s current value. Evaluate your home’s current market value to determine if your coverage limits remain adequate. If you’ve made significant improvements, such as adding a new room or upgrading your kitchen, ensure these enhancements are reflected in your policy.

• Inventory your belongings. New purchases, such as electronics, furniture or jewelry, can impact your coverage needs. Conduct an inventory of your belongings to ensure they are adequately covered. Use a home inventory app or take photos and keep receipts of valuable items. This documentation may be needed to file a claim.

• Check for policy gaps. Review your policy for any gaps in coverage. For instance, standard home insurance policies may not cover natural disasters like floods or earthquakes. Consider adding additional coverage if you live in an area prone to these events. Also, check if your policy includes liability coverage to protect you against potential lawsuits in case of an accident on your property.

• Compare rates and coverage. Insurance rates and coverage options can change annually. Herman Bell Insurance can review your policy to determine whether you’re getting the best value for your money.

Home Insurance in Waco, TX

Reviewing and updating your home insurance policy annually can help ensure you have the right coverage to protect your home and belongings. Contact Herman Bell Insurance to review your policy today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.