Time to Renew Your Insurance? Here’s What You Need to Know

When you renew your property insurance, it’s a great time to review your coverage, assess any changes in your circumstances, and ensure that your policy continues to meet your needs.

Remember, an ounce of prevention is worth a pound of cure, especially when it comes to safeguarding your property.

Here are 9 things to check.

1. Review Your Current Policy

Start by thoroughly reviewing your existing policy.

Look for the coverage limits, deductibles, and note any exclusions.

Understand what is covered under scenarios like storms, fires, or flooding.

It’s vital to know the specifics, as not all property damage types may be covered equally.

2. Assess Your Property’s Current Value

Property values can fluctuate.

If you’ve made significant improvements or if there has been a change in the market value of your property, you may need to adjust your coverage.

Underinsurance can lead to significant financial strain in the event of a claim.

3. Consider Any Lifestyle or Circumstance Changes

Have there been any major changes in your life since your last renewal?

For instance, major renovations or acquiring expensive personal property?

Even changes in your neighborhood that could affect risk levels (like new construction nearby) should be considered.

4. Understand the Impact of Deductibles

Your deductible is the amount you pay out of pocket before your insurance kicks in.

While a higher deductible can lower your premium, it also means more out-of-pocket expenses during a claim.

Assess your financial situation to decide what you can reasonably afford.

5. Check for Discounts or Loyalty Benefits

Insurance companies often offer discounts for various reasons, such as installing security systems, using smart home technology, or even for being a long-term policyholder.

Check if you’re eligible for any such benefits.

6. Explore Additional Coverage Options

Standard policies may not cover everything.

Additional coverage like flood insurance, especially in high-risk areas, or riders for high-value personal items, might be necessary.

Assess your needs and consider if you require additional protection.

7. Update Your Inventory List

Maintain an up-to-date inventory of your belongings.

This list should include serial numbers, purchase dates, and the value of items. Even better? Take photos.

It’s invaluable in the event of property loss due to theft or damage.

8. Consider Liability Coverage

Liability coverage is an often-overlooked aspect of insurance.

Ensure that your policy protects you adequately against any injuries or damage to others that could occur on your property.

9. Read the Fine Print

Pay attention to the details in your policy.

Understand the claims process, any time limits on filing claims, and what documentation is required.

Knowing these can expedite the process if you ever need to file a claim.

Would you like a second set of eyes on your policy?

Renewing your insurance policy is the perfect time to reassess your coverage needs.

At Capital Claims Group, we understand that navigating through insurance policies can be complex and sometimes overwhelming.

That’s why we offer a complimentary policy review to help you ensure that your coverage aligns with your current needs.

Contact us today to schedule your free policy review.

Let us help you gain peace of mind, knowing that your property is adequately protected.