5 Questions to Ask Yourself when Renewing your Homeowners Insurance

When the time comes to renewing your homeowners insurance policy, you have the opportunity to ask yourself some questions first. Considering potential changes to your home insurance needs can help ensure you get the policy, the coverage, and the premiums you deserve.

Before renewing your Florida homeowners insurance policy, look at any alterations to your home over the past year, and any personal property you may have acquired. Asking yourself the following five questions can help you determine if you need to contact your agent for a quick discussion about your policy prior to renewal.

Is my home affected by flood zone map changes?

This year has seen an update to Florida flood zone maps. Ideally, every homeowner in the state of Florida will carry flood insurance, but if you were formerly in a low to moderate risk area, you may have opted out of this important coverage. However, if your flood zone has changed or you simply want to protect against the possibility of flood waters, you may need to secure flood coverage through the National Flood Insurance Program.

Did I recently purchase any expensive luxury items?

High-end electronics, musical instruments, jewelry, antiques, or fine art may need more coverage than is supplied by a standard homeowners insurance policy. Complete a home inventory, have expensive items appraised if necessary, and ask your agent if you need scheduled personal property coverage to protect your valuable items.

Do I have a new hot tub, sauna, or swimming pool?

Find out what coverage your carrier offers and how your premiums are impacted by the addition of a pool or other major changes to your home. You may be able to reduce your premium with certain safety measures, which can help defray added costs if the addition significantly increases the value of your home (leading to the need for raised coverage limits).

Have I done home renovations that could change my policy premium?

The premium you have been paying on your current policy was based on the value of your home as it was when you purchased the policy. Extensive renovations can raise your premium if extra coverage is needed to account for increased overall home value. Alternately, you could be lowering your premium if you’ve upgraded components like electrical systems or your roof, which might qualify for a discount.

Do I plan to rent my home long or short term in the coming year?

If you plan to rent out your Florida home, you may need specialized coverage. Ask your agent about the options for landlord insurance, for either long-term or short-term coverage. This can help protect you and your home in case of unruly tenants or damage done during a rental period.

Obtaining any additional coverage required to comprehensively cover your home and its contents is often relatively inexpensive.  In many cases, you can even end up lowering your premium by asking questions before renewal. Your agent can help you determine what policy is right for you.

About Olympus Insurance Company

Headquartered in Palm Beach Gardens, FL and founded in 2007, Olympus Insurance Company specializes in Florida property insurance. Through its independent agency force, Olympus insures $45 billion worth of residential and investment property including homes, condos, rental property, and valuable personal property, with umbrella coverage and Spartan Enhanced Coverage available. Coverage for individual risks up to $5 million in total insured value is provided on one of the most comprehensive coverage forms in the industry.

For more information, visit olympusinsurance.com.

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.