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Considerations During Policy Renewal


Renewing your homeowner’s insurance is an important annual task that ensures your property and belongings are protected. While it may be tempting to renew without giving it much thought, reviewing and reassessing your policy can help you make informed decisions and save money in the long run. Here are essential considerations to keep in mind when renewing your homeowners’ insurance.


Check for Errors

Check your policy information carefully. Be sure your name, address, the age of the house, the square footage, and the type of build are all correct. This is important as companies use this information to determine the value of your home when insuring it.

Assess Your Coverage Needs

Before renewing your homeowner’s insurance, closely examine your coverage needs. Consider factors such as the value of your home, any recent renovations or additions, and changes in your personal circumstances. Assess the replacement cost of your home and ensure your coverage is sufficient to rebuild or repair it in the event of a disaster. Reviewing your policy limits and adjusting them accordingly will help you be adequately covered in the event of a loss.

Review Policy Exclusions and Limitations

Carefully read through your policy to understand the exclusions and limitations. These are specific circumstances or items that may not be covered under your insurance policy. Common exclusions include damage caused by floods, earthquakes, or certain types of natural disasters. High-value items such as jewelry, artwork, or collectibles may also require separate coverage or additional riders. Understand what is and isn’t covered to make an informed decision about any necessary adjustments or supplemental coverage.

Consider Deductible Options

Your deductible is the amount you must pay out of pocket before your insurance coverage kicks in. When renewing your homeowner’s insurance, review your deductible options and assess the impact on your premiums. Opting for a higher deductible can lower your annual premium but may mean you’ll be responsible for a larger portion of the cost in the event of a claim. Strike a balance that aligns with your financial situation and risk tolerance.

Evaluate Liability Coverage

Liability coverage protects you in the event someone is injured on your property and files a lawsuit against you. Assess your liability coverage and ensure it is sufficient to protect your assets. Consider factors such as the value of your assets, the risk associated with potential injuries, and the prevailing legal climate in your area. If necessary, consider increasing your liability coverage or adding an umbrella policy for additional protection.

Understand Policy Changes and Updates

Insurance policies can change over time due to updates in coverage terms, exclusions, or policy language. When renewing your homeowner’s insurance, carefully review any changes or updates to your policy. Take note of any modifications that may impact your coverage or premiums.

In conclusion, renewing your homeowner’s insurance is an opportunity to ensure your most significant investment is sufficiently protected. By considering the factors we’ve just outlined, you can make informed decisions about coverage, deductibles, liability, and potential policy changes.

Have questions about your coverage? Contact Avery for a complimentary review of your current coverage.  Our team of experts can help you find the best insurance coverage that meets your specific needs.


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Avery Insurance Agency
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