How often should I review my home insurance policy?

You should review your home insurance policy at least once a year. A great time for an annual review is when you receive your notice of renewal. However, there are certain other times when you’ll need to review and update your home policy.

Why should you review your home policy?
Your home insurance is there to protect you, your home, and your belongings in case the worst happens. Changes in your life can also mean changes to your insurance. It’s important to check your home insurance thoroughly to make sure you have adequate protection.

What are the benefits of reviewing your policy?
Reviewing your policy often will ensure that you’re best protected. It could also help you save on your insurance. You may no longer need as much coverage as before or you may find new discounts that you’re eligible for.

What are qualifying life events?
Insurance qualifying life events are usually triggered by a change in circumstances or major milestones. Are you starting up a new business from home? Have you finally started tackling the renovations on your list? Or have you just acquired some fancy new things? These types of life changes could change the coverage you need. Here is a list of specific qualifying life events to keep in mind:

  • Your address has changed
  • You’re starting a home-based business
  • You plan to rent out all or a portion of your home
  • The house will be vacant for a period of time
  • Whenever there will be renovations/construction
  • The addition of valuable belongings

Check out our blog for more info on when to review your home insurance policy.