4 things to consider before renewing your home insurance

Protecting your home against damage is a must, but how can you get the best coverage? Here’s what you need to know before renewing your home insurance.

When you get your renewal notice in the mail, you know it’s time to renew your home insurance policy. Unlike many auto insurance policies, home insurance policy isn't automatically renewed. So setting a reminder for your policy's maturity is always a good idea. If your home insurance provider doesn't send out a notice, make sure you give yourself a few months advance by marking it in your family calendar, or setting a reminder on your smartphone calendar. When that time comes around, give yourself time to assess your options.

It might not happen every time your policy comes up for renewal, but renovations are part of the joys of home ownership. Whether you replaced carpet for hardwood, or added another level to your home, these renovations can affect your insurance. It is a good habit to notify your home insurance provider when you plan on making any major changes to your home. Even minor renovations can mean big changes to your policy. If you don’t alert your insurance provider about your brand new dream kitchen, it might not be covered, and that’s something you want to avoid. So when it’s time to renew, it’s the perfect opportunity to review any changes that you’ve made to your property. If you’re unsure about anything, contact your insurance provider.

Your life is constantly changing, and the special people who come in and out of your life can change, too. You might not realize it, but the arrival of a new baby, moving in with your new wife, taking in your elderly father, can make a difference in your life and in your insurance coverage. When it’s time to renew your home insurance, make sure the names of everyone currently living in your home have been added to your policy so you have proper coverage.

Making a few additions to your home can potentially reduce the cost of your insurance premiums. They are not mandatory to home ownership, but can give you a sense of security while saving you money. These usually don’t require a major overhaul of your home. If you have added smoke detectors, carbon monoxide detectors, alarm systems, or dead bolt locks, you may be entitled to a rebate on your policy.

Don’t feel pressured to continue your relationship with your current home insurance provider. If you have give yourself some time before your policy maturity date, you can speak with other banks, insurance providers, and brokers. Once you explain your home insurance coverage needs, you may be able to save money, or use it as leverage to get a lower quote from your current provider.