It’s easy to forget about your home insurance policy once it’s set up. The paperwork is signed, it’s tucked away in a file, and you only think of it when an issue pops up. However, consistently reviewing your home insurance policy is an important practice for homeowners in Minnesota. We at Insurance Services Plus, take the liberty to explain why.
Adjustments Due To Life Changes
Life is never constant, and changes like marriage, divorce, the birth of a child, or even the death of a family member can all affect your home insurance needs. Perhaps you’ve acquired more valuable items such as jewelry, electronics, or artworks that need additional coverage. It’s imperative to review your policy at least once a year or after a significant life event to ensure it meets your current needs.
Upgrades or Renovations
A major renovation or upgrade significantly increases your home’s value. However, many policyholders neglect to report these changes, resulting in a gap between their home’s actual value and the amount it’s insured for. Whether it’s an expensive kitchen remodel, a finished basement, or a new roof, ensure your policy covers these improvements.
The Impact of Regional Changes
A sudden surge in the local real estate market or modifications in regional building codes can also influence the cost to rebuild your home. Minnesota’s harsh winter weather and potential for storms ought to be considered as these could impact the type and amount of coverage you need.
Opportunity to Find Discounts
Policy reviews provide an opportunity to investigate the discounts your insurer offers. These could include bundled policies, safety feature discounts for smoke detectors or security systems, or even a claim-free discount. Look for these potential sources of savings during your reviews.
Contact Us!
Regularly reviewing your home insurance policy ensures it still offers adequate protection and minimizes the risk of being underinsured. For Minnesota homeowners, this should be a priority, given the specific regional risks and potential for property value fluctuation. Insurance Services Plus advises its clients to make it a habit to review their policies. If you need assistance in understanding your coverage or identifying potential gaps, our team of experts is here to help.
