Home insurance companies sell annual coverage, and you must renew your coverage to enjoy continued protection once the coverage elapses. Your renewal steps determine several aspects of your coverage. For example, they determine your new rates. The renewal also determines whether you enjoy uninterrupted coverage.
Below are some tips to enhance your home insurance renewal experience.
Confirm Your Rates
Your home insurance company will send you a renewal notification a few weeks before the renewal deadline. The exact schedule depends on your insurance company. Make renewal arrangements, for example, by availing of the necessary funds before the deadline.
Home insurance rates increase over time. Factors that affect rate increases include:
- Inflation
- Changes in weather events
- Accumulation of wear and tear or age-related issues with the house
- Charges in household size or assets
Don't automatically renew your policy. Check if your rates have increased and, if they have, by how much. A small increase does not mean much, but you should be concerned with a significant increase. Contact your insurance company for an explanation. Also, ask for quotes from other insurance companies to confirm whether you can get better rates elsewhere.
Note that your insurance rate is not the only reason to choose one insurance carrier over the other. Other factors include the scope of coverage and exclusions, customer service, and ease of dispute resolution.
Review and Update Your Policy
Confirm your policy details and coverage before renewal. Some of the details have probably changed since you last renewed your coverage. Maybe you have renovated your house, constructed a swimming pool, installed a home security system, bought a new entertainment system, demolished your outdoor shade, or joined a professional association.
All these and other changes affect your coverage and rates. For example, some insurance companies have discounts for members of specific professional associations. A lot can happen in a year, and the only way to know whether the events over the last year affect your home insurance is to review your policy.
Pay Your Renewal Premium
For some insurance companies, paying your premium is all you need to do to renew your policy. For other companies, you need to sign a form and pay your premiums. In short, you must pay your premiums to renew your policy—regardless of the exact renewal procedure your carrier deploys. Settle the bill before the deadline or before the grace period elapses.
Hopefully, the tips above will help you renew your home insurance and enjoy affordable coverage. A home insurance agent can help you renew your policy without complications.
Contact a local insurance company, such as Southern Insurance Professionals, to learn more.
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