What to Consider When Renewing Your Homeowner’s Insurance Policy

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Generally, homeowner’s insurance policies renew every year. Unfortunately, many home-owners fail to look at their policy and instead just pay the renewal bill. However, it is important to carefully go over your policy in case there are any major changes that may seriously affect your coverage. After all, your home is likely your largest investment.

Will you be covered for any changes to your home?

First and foremost, you should ensure the basics are accurate: names, addresses, who is listed under your policy, and that your coverages and deductibles are what they should be. Next you should ensure that your policy reflects home renovations such as:

  • Adding a garage
  • Sprucing up your bathroom or adding an en suite
  • Adding rooms
  • Expanding the square footage of your home in any way

Since any of the above changes will almost certainly increase the value of your home, you will want to make sure your policy is updated. Also, remember that things like pools, gazebos, hot-tubs and outdoor spas should also be taken into consideration before you renew your homeowner’s policy in Florida.

Have there been any major life changes?

Many homeowners fail to realize that major life changes can affect their insurance policy. If you experience any of the following life events, you should reach out to your insurer and discuss updating your policy:

  • New family member — If you have just welcomed a new family member into your home, you may have baby-proofed your house. Be sure to inform your insurance company of any actions you may have taken to minimize liability.
  • Merging households — In the event that you are combining households with a partner, spouse, or loved one, you should update your policy to reflect the total value of all merged possessions.
  • Paying off your mortgage — If you manage to pay off your mortgage, make sure you investigate the coverage your mortgage lender required of you and determine if changing that coverage is possible.

These are a few examples of life changes that may affect your policy. Any time a major event occurs in your life, you should revisit your policy to determine if updates can be made.

Has your renewal rate changed?

Lastly, it is important to take a look at your renewal statement to determine if your rates have changed. Depending on certain matters out of your control — severe weather, neighborhood burglaries, forest fires, etc., — your rate may go up. At the same time, however, your rate may also go down if you have improved safety measures around your home.

Contact Reputable Insurance Dispute Lawyers in Orlando

At Johnson & Williams, P.A., our attorneys have the knowledge and experience to handle the toughest insurance disputes in Greater Orlando, Winter Haven and Kissimmee, Florida. For more information about our services, call us today at (407) 245-1268, or contact us online to set up a consultation.