When was the Last Time You Updated Your Home Insurance Policy?

Your home insurance policy is one of those things you probably don't check much. But you should update it regularly.

Most of us, after we get a home insurance policy, don't think about it much afterward. This was true of me when I had a home. It didn't occur to me that maybe I would need to update my home insurance policy as my home gained in value. I also didn't think much of about protecting the items I had in my home.

If I had kept my home instead of selling it, I would have needed to make changes to my home insurance policy. From the time I bought a house until the time I left, I had bought many valuable items. Additionally, my home has since gained in value. Chances are, that would have needed to update my insurance policy after a few more years.

home insurance policy

Remaining Adequately Covered

One of the reasons we get insurance is it to protect our assets. In order to do this effectively, you need to make sure that you have adequate coverage. Check your insurance policy to determine if there are limits to coverage. Even though your home insurance policy will cover lost or damaged or stolen items, you might find that there is a cap on how much coverage you have.

This is also true if you have rental coverage. I don't own a home anymore; I rent. My rental coverage is designed to help me replace items I keep in my home. You might be surprised at how much it would cost to replace your belongings if there were lost in a natural disaster or stolen. When I bought my rental coverage I was careful to make sure that my coverage amount what cover replacing all of my things.

Whether you own your home or rent, it's important to double-check your coverage. If you need more coverage, you need to update your insurance policy. This is also true if your home has appreciated in value by a large margin since you bought it. Make sure that your insurance coverage is enough to rebuild your home if it is completely destroyed. I know some homeowners with older policies who have much more valuable homes and were surprised to discover that they wouldn't be able to afford to rebuild their homes at current prices.

Comparing Home Insurance Policies

Even if you don't need to increase your coverage, it can make sense to shop around for home insurance regularly. Your home insurance policy might be more expensive than you think. It can makes sense to compare prices and look for a new policy in some cases. Resources like QuoteWizard can help you compare home insurance rates.

If you add more insurance, such as life insurance or car insurance, you might be eligible for a discount. You might also be able to get cheaper coverage if you increase your deductible. Think about your changing financial situation and your needs as you shop around for a new insurance policy.

Sometimes, it makes sense just to compare home insurance rates to see if you can get a better deal elsewhere. Too often, we become complacent about the situation and neglect to see where we could save a little money. Instead of sitting around and accepting your rates, consider shopping around for another plan. You might save money each month, received better coverage.

This is a sponsored post. QuoteWizard did not direct my content or my opinions.

2 thoughts on “When was the Last Time You Updated Your Home Insurance Policy?”

  1. Hi Miranda,

    Nice post and a good reminder. It is good practice to review the home insurance policy once a year. The main thing to check is the cap on coverage. And of course, to shop around for better rates every couple of years.

    –Michael

  2. Growing up, I understood that having home insurance was important, but you don’t hear as much about the importance of keeping your policy up to date. Over the years, you may come into better money and acquire better things that you’ll want to be covered by your insurance. Thanks for sharing.

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