When many people receive their home insurance renewal information in the mail, they simply call their local agent, state that they wish to renew the policy and then sign the necessary paperwork. While you might occasionally be tempted to take this approach, it's in your best interest in put a little more thought into the renewal process. You're certainly welcome to discuss the various rate options with your agent, but it's also a good idea to think about any changes that you've made in the years since you last signed insurance paperwork — and how they might impact the current worth of your home. Here are some things to think about and discuss with your agent at renewal time.
Recent Renovations To Your Home
If you've made any significant renovations to your home in the years since you last renewed your home insurance, you'll want to make sure to bring up this work to your insurance agent before you sign your renewal paperwork. Renovations can change the overall value of your home, and you'll want to make sure that this is reflected in the new terms of your insurance. For example, a fully renovated bathroom or kitchen can potentially add thousands of dollars of value to your home. Make sure to keep copies of any invoices from the work so that you can share this information with your agent.
It's also important to think about any major purchases that you've made since the last time you renewed your home insurance policy. Major purchases that dramatically affect the value of the contents of your home should always be written into your policy. For example, if you've bought an expensive piece of artwork, a pricey piano, or anything else that is expensive, it's best to talk about this purchase with your agent. Even if you're not sure if something is significant enough to affect your policy, it's always worth bringing up.
Start Of A Home Business
Although you should speak to your insurance agent the minute you start a home-based business, many people overlook the need to do so. If you've started a business since your last renewal, make sure to bring it up in your discussion with your agent. You'll need to add some form of business insurance to cover yourself, and you might as well get this policy drafted up at the same time that you renew your current home insurance policy.Share
7 October 2016