When should I review my home insurance policy?

It is always important to know what your home insurance policy covers. Here are four events that should trigger a review of your homeowner's policy.

1. When the homeowners policy comes up for renewal. While it is tempting to pay the renewal immediately, this is a perfect time to review your homeowners policy and contact your insurance agent with any pertinent questions. Some examples of these home insurance renewal questions include:

• Am I receiving any and all discounts available to me?


• Should I begin to comparison shop with other providers?


• Has my home insurance provider made any changes to my coverage?


• Does my homeowners policy include separate deductibles for certain risks?


• Can I raise my deductible to save money?


• Have I adequately insured all of my personal possessions?


• Do I need to increase coverage for liability or structure reasons?


• Should I comparison-shop for a cheaper rate?

2. When you make major purchases or alterations to the home. Building that deck? Got that big screen TV? Making new purchases or adding improvements to your house is usually a great time to look at your home insurance policy. A perfect example of major improvements includes adding or expanding a room, such as a kitchen or bathroom.
Additionally, if you or a member of your family has received an expensive gift, such as artwork, a computer or even an engagement ring, talk to your agent about either increasing the amount of insurance you have for your personal possessions or purchasing a floater/endorsement for these items.

3. When you've made your house safer. Installed a fire or burglary system in your home? You may qualify for a new discount. Other examples include upgrading your heating, plumbing or electrical systems.

4. When someone moves out, or in. Obviously, when a marriage or divorce occurs, your homeowners insurance is affected, as these people take their belongings with them. However, other circumstances may also affect your homeowners insurance, such as when post-college children return home. And you may need additional coverage if there is a sizable increase in the value of the belongings in your home, such as new jewelry or fine arts.

Feel free to contact me with any insurance questions you may have or if you would like a homeowner insurance quote at 248-390-6345 and visit my website at http://www.roninsureme.com/ .