3 Tips to Review When Renewing Your Homeowners Policy

When it’s time to renew your homeowners insurance policy, it’s tempting to skip the hassle of looking over documents and simply renew. However, it’s important to take the time and review your policy to ensure you’re still getting the best coverage at the rate that fits your budget. Learn about these tips to review your policy during renewal.

1. Gather your current policy and other documents

In your homeowners insurance policy, look for the declarations page which provides a summary of your coverage limits, deductibles, and exclusions. Make sure the details about your house are correct, including the age of the home and square footage, construction type, and the age of the roof. Make sure to correct these details so that you’re not paying for coverage that is unnecessary.

As you review your policy, ask questions to discover any gaps in coverage. Has the home’s value increased because of renovations or market appreciation? Is the coverage limit enough to rebuild your home? Have you experienced a life-changing event in the last year, like getting married or divorced, having a new child, or sending a child off to college? These factors affect your policy’s coverage.

2. Review deductibles, add-ons, and exclusions

Most home insurance policies cover damage from fire, lightning, wind, hail, theft, and vandalism. However, coverage varies by each policy, so review yours carefully to make sure these basic risks and perils are covered. Be aware of exclusions that aren’t covered, which may include damage to due flood, wind or hail to trees, insect infestations, and earthquakes. You might need additional policies for these types of risks if they’re excluded.

Review deductibles and the limits for extra coverage, like liability, personal property, and other structures. Consider endorsements, or policy add-ons, to cover any expensive items like jewelry, art, electronics, and more. Other common add-ons include damage to the foundation, backups of sewers or drains, construction costs to meet building codes, mold removal, and damage from earthquakes.

3. Shop around

If your policy doesn’t meet your needs, or the costs are higher than your budget allows, shop around to get at least three quotes from other providers. Many factors determine insurance premiums, including the age and condition of your home, the replacement cost, construction materials, location, claims history, and your credit score. Some policies offer discounts if you have a monitored security or fire alarm system, a newer home in good condition, no claims for several years in a row, or if you have other policies with the same provider. Consider all the factors and discuss your options with your insurance agent during the renewal period.

Texell Insurance¹ Agents are ready to help

Texell’s Insurance agents are independent, so they can shop from many major insurance providers, including Liberty Mutual, Progressive, Foremost, and Travelers. They’ll also shop your policy during the renewal period each year to make sure you’re still getting the best rates on the policy that meets your needs.

To learn more about how our Texell Insurance agents can help, visit TexellInsurance.com and receive a free quote today. You can also call 254.774.5181 or email texellinsurance@texell.org. Our agents are ready to provide exceptional service for all your insurance needs.