Tips to prepare for a home insurance review

Insuring your home is like putting it into a protective bubble. This action secures it against risks and calamities. The insurance policy offers you certain coverage and benefits as outlined in the policy document. After the initial purchase of the policy, you might make changes to your home. It’s necessary to be aware some changes require a review of the policy. Without regular reviews, your home may not have sufficient coverage and you might not even know it. Try to get an evaluation of your policy done at least once a year.

If a home insurance review is around the corner, you need to prepare for it. Here are some tips that might prove beneficial:

Create a list of renovations and updates

Renovations that could increase the value of the property may require a coverage upgrade. If you added more rooms to the home, you’d need to fix the coverage gap. Some renovations like upgrading the roof, wiring, or plumbing can result in lower premiums because of reduced risk. To address the renovations and updates effectively during a review, you need a comprehensive list. 

Some updates give rise to special situations which require consideration. For example, if you decide to upgrade your home with a modular garage, you’ll need to obtain adequate coverage for it. Modular and traditional homes are usually insured in the same way, with a few differences. A modular element added to a traditional house might require inspection. Adding a modular office room to an existing house is another unique case. 

Prepare the right questions

If you have made some changes like installing a home security system, you could be eligible for discounts. You’ll need to mention such changes to your agent and ask about their impact. It’s also essential to have a clear understanding of the present coverage and exclusions of your policy. You should check if you can get additional discounts with a combination of home and auto insurance policies. If there’s been a major life event recently, you need to work out how it’s going to affect your insurance. A list of relevant questions will help you get the right information and make better decisions. 

Fix significant issues 

If you regularly maintain your home, you can avoid many problems. It’s like taking care of the health of your home similar to taking care of your own health under a systematic health plan. However, if you haven’t been able to do routine maintenance on the house, then you might be able to do some damage control with some last-minute steps. 

If inspections during home insurance review lead to the discovery of major issues, it could lead to a policy surcharge. Before your home insurance review, fix up any visible and significant issues. Depending on the condition and design of your home, you can take the following purposeful actions: 

  • Discard risky outdated appliances.
  • Complete necessary repairs. Seal the cracks in the foundation or walls of the house. Fix leaking taps and showerheads. Change worn-out plumbing and wiring.
  • If your home has an HVAC system, schedule maintenance and check the ductwork.
  • If your home has a chimney, check for loose bricks and get it cleaned.
  • Check the doors, windows, attic, and basement for water damage and pests.
  • If there are trees close to the home with overhanging branches that pose a risk to the home, get those branches cut and out of the way.
  • Consider getting additional home updates focused on mitigating risks. 

Before your home insurance review, conduct a careful assessment. Consider all the factors that’ll increase the value of your home as well as those that pose an immediate or significant risk. This will help you be adequately prepared for the review. Because life is constantly changing, it’s wise to review your policy frequently with your insurance agent. This will help protect you from unnecessary financial losses in the event of unforeseen circumstances. 

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