Just as a home insurance plan isn't a one-size-fits-all arrangement, the same policy layout isn't likely to work for your needs over the span of your ownership. To maintain adequate coverage, you need to reevaluate your policy when necessary. Some of the most common instances where this practice is required are outlined below.

When to Reevaluate Your Home Insurance Policy

After Remodeling or Renovation

The goal of home insurance is to prepare for the worst case scenario. To achieve this target, you need to carry enough coverage to cover the cost of a full rebuild. However, many home improvement projects increase home value. As a result, you need to check your policy following a remodel or renovation to ensure the policy cap matches your property’s new worth. 

Upon Purchase of High-Value Personal Property

Every policy has monetary limits. Personal property is typically the most restrictive coverage area, as it’s associated with a lower financial cap. As a result, it's important that you review your policy when purchasing any expensive items, such as jewelry or high-end electronics. If your plan's property replacement limit is too low to cover the goods, you'll want to add a rider to increase your protection.

Ahead of Policy Expiration

Most home insurance policies are set for 12-month terms, requiring you to renew the plan every year. The renewal period is an excellent time to go back and reevaluate your policy. Even if major changes haven't taken place, your preferences may have evolved. Review the plan thoroughly and direct any questions that arise to your insurance agent for further explanation or recommendations.

When it’s time to reevaluate your home insurance policy, trust Tim Bryan Insurance in Covington County, AL. Based in Andalusia, the insurance agent offers unmatchable expertise and a customer-centric approach. Whether you're looking for a personal or commercial policy, the team provides one-on-one assistance to find the right match for your needs. To request a home insurance quote, call (334) 222-1460 today.