How to Review Your Insurance Coverage Before Renewal

Changes in property values and rebuilding costs may affect whether your current homeowners insurance policy still aligns with your needs. Price Insurance can help Illinois residents review their coverage as their renewal date nears.

Assess Your Property Value and Inflation

One of the most valuable steps in your renewal checklist is reviewing your dwelling coverage. Inflation and rising construction costs may affect the cost of rebuilding your home today. If your policy limits haven’t been updated in some time, they may no longer reflect current market conditions.

Account for Recent Home Improvements

Home improvements can increase your property’s value and may affect how much insurance you need. If you have recently upgraded your kitchen, finished a basement or added a deck, it may be worth reviewing whether your replacement cost calculations reflect those changes.

Review Your Personal Property and Endorsements

A standard policy may include a sublimit for higher-value items such as jewelry, fine art or electronics, and coverage needs may change over time. A policy review may include:

• Inventory updates: Newly acquired valuables may require scheduled personal property coverage.
• Liability limits: Liability coverage may need to reflect your current assets and financial situation.
• Deductible options: Adjusting your deductible may help you better manage premium costs.

Explore Discounts and Bundling Opportunities

Checking for available discounts on renewal may help lower your overall premium. The following are some common opportunities worth looking into:

• Multi-policy bundling: Combining your home and auto policies may qualify you for a bundling discount.
• Security system installation: Adding a monitored security system can reduce risk and may lower your premium.
• Roof updates: An updated roof may qualify you for reduced rates, as it can lower the risk of damage-related claims.

Get Started Today

Our team can help you find suitable insurance options. Contact Price Insurance to get a free customized quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.