November is all about homeowners insurance agents. Are you sitting down with yours annually for a review?
This is the second in our insurance agent series. This week we’re looking at your renewal. Does your agency have a process in place for gathering updated information from you at renewal?
When your homeowners insurance policy (HO3) comes up for renewal, nothing should be taken for granted. A lot can happen in the span of a year. Your needs could have changed significantly, and your coverage may need to be reviewed or altered based upon a thorough review with your agent. You also might have made changes or updates to your home that could alter your premiums in your favor.
A key component in the insured/agent partnership is having an agency representative who will follow up with you to ensure your coverage is still adequate for your needs, and make sure you aren’t missing out on critical coverage or on discounts which could lower your premium.
Coverages that should be carefully reviewed include:
Have you done any major updates, upgrades, or additions to your home? You could need more coverage if you’ve substantially increased your home value, or added an addition. Your annual agency renewal review will include going over changes such as:
Your agent renewal review will also include discussion of available endorsements to help protect against losses to high end valuables or expensive equipment. You might need expanded coverage for:
The Annual Renewal Review with your licensed agent will also touch on advising you to continue to update your home inventory. Having an accurate list of all of your belongings along with their date of purchase and replacement cost value can help you ensure any losses are accurately reported in the case of a claim.
Next week, we’ll look at your coverages.
This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.