Top 5 Things to Consider When You Renew Your Home Insurance Policy

Couple looking at houses

When your home renewal comes in the mail this year, read through it and consider how your needs have changed and if your home insurance policy covers too much or too little.

Here are some of the top things you should think about on your next renewal.

Am I Missing Discounts?

There are many ways to get discounts on your home insurance. If you recently installed a comprehensive security system, have a monitored fire alarm system, or put a new roof on your house, you could be eligible for discounts. You can also get discounts if you bundle your home and auto insurance, if you’ve recently paid off your mortgage, or if you recently surpassed a certain age.

Do I Need More Liability Insurance?

Perhaps something in your life has changed where you think someone has a greater chance of being injured on your property like if you recently installed a swimming pool or the kids have a new swing set. Think about any new features on your property that could cause injury and adjust accordingly.

Have I Renovated Recently?

Renovations typically increase the value of your home and, in some cases, bring it up to building code. When you increase the value of your home, you want to ensure your coverage level matches that. You could also be eligible for new discounts after a renovation.

Do I Run a Business Out of My Home?

If you run a business out of your home, you likely have computers, files, inventory, and crucial documents that would be catastrophic to lose. If you’ve started a home business recently, talk to your broker about the appropriate amount of coverage for it.

Have I Done a Home Inventory Recently?

Run through your home and take an inventory of your valuables like furniture, art, and jewellery. Review the limits of coverage outlined in your policy Keep in mind, you usually need additional coverage for high value items such as fine art, jewellery and other valuable items.

To find out more about how you can save on your home insurance policy, contact an experienced professional at Bow Valley Insurance for a free, no obligation home insurance quote.