When Should I Review My Home Insurance Coverage?

Your home insurance coverage is one of the best ways to protect your biggest investment. But as life changes, so do your coverage needs, making it essential to review your policy regularly. Here are some key times to revisit your home insurance and make sure it’s keeping up with your home and lifestyle.

1. Annually, as a Routine Check-In

A yearly review of your home insurance is a good habit to adopt. Even if there haven’t been major changes to your home or life circumstances, it’s wise to check that your policy still provides adequate coverage for your property’s current value. You can also look for discounts or adjustments that may have become available.

2. After Home Renovations or Upgrades

If you’ve added square footage, remodeled a kitchen, or made other significant upgrades, it’s time to review your coverage. Renovations often increase the value of your home, which may mean you need to increase your dwelling coverage to fully protect it. Some upgrades, like installing a security system, could also lead to premium discounts.

3. When Property Values Change in Your Area

The housing market fluctuates, and a rising market could mean your home’s replacement cost has increased. Reviewing your insurance when property values go up in your area helps ensure that you have enough coverage to rebuild your home at current construction costs.

4. If You Purchase High-Value Items

If you acquire valuable possessions like jewelry, artwork, or antiques, it’s worth adding extra personal property coverage. Standard policies may have limits on certain high-value items, so updating your policy ensures you’re fully protected.

5. After Major Life Changes

Life changes such as getting married, having a child, or sending kids off to college can impact your insurance needs. If you’re living in your home differently or sharing it with new residents, check if your policy reflects those changes.

6. When Disaster Risk Changes

If there’s been an increase in natural disaster risk, like flooding or wildfires in your area, consider adding coverage specific to these risks. Standard home insurance may not cover certain disasters, so a review can help you add essential protections.

Regularly reviewing your home insurance policy keeps you informed and prepared for the unexpected. If any of these scenarios sound familiar, reach out to your insurance provider for a policy review to make sure you’re fully covered.