Renewal is the perfect time to re-evaluate your insurance coverage. Whether you’ve had a renters or homeowners insurance policy for a short time, or for many years, it’s always a good idea to do a mini check-in around renewal time. There may have been some small or rather significant changes in your life that could affect your policy. Read on for three things you should always remember when your policy is up for renewal.
1) Take an inventory!
When you first get a renters or homeowners insurance policy, it’s a best practice to record an inventory of your belongings and valuables. Having a home inventory means that if you have to make a claim, you’ll receive coverage for important items and it enables you to get a claim paid faster than if you weren’t to have an inventory at all. When your policy is up for renewal, you should add or subtract from your inventory as needed to keep it up to date. For some excellent tips, read our guide on how to take a home inventory
2) Did you buy new items?
When reviewing your home inventory, it’s important to keep in mind any new purchases you might have made. Have you recently become engaged, purchased an expensive appliance, or added to your art collection? You’ll definitely want to make sure to add all of these things to your inventory. If you’ve made any new significant purchases, it might also be time to increase your line of coverage. This way your items are reimbursable in the event of a loss. And likewise, if you have downsized and gotten rid of a bunch of items, perhaps you may need to decrease your line of coverage.
3) Are you moving?
If you’re moving, you’ll want to make sure to let your insurance company know. You can easily take your policy with you wherever you are moving to, as long as you notify your carrier. They will update the insured address on your policy, which is important because if you were to suffer a loss, your claim may be denied if your policy shows a different address from where the loss occurred. Your insurance company will need to know the date and location of the intended move, and whether or not your landlord or property manager needs to be listed as an additional interest on your policy. You can also read our comprehensive guide I Have Renters Insurance and I’m Moving for some answers to common questions.
Effective Coverage Insurance Experts Will Make Your Renewal a Breeze
Hopefully, this mini-guide helps you to be aware of some common issues people face at renewal. If you would like your policy reviewed, or if you need to add coverage, feel free to call our insurance experts at (800)892-4308 or click to get covered - whether you need renters insurance quotes online or coverage anywhere else!
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