Your homeowner’s insurance in Jacksonville should reflect your needs no matter what they are. What most fail to realize is that their needs change with time. From home expansions and remodeling to ordinary wear and tear, change is inevitable. In this guide, you’ll learn why you should re-evaluate your home insurance coverage at least once per year.
Accounting for New Assets
One of the best reasons to assess your coverage yearly is to see how to save. Many items covered under itemized policies, such as electronics, depreciate with time. By re-evaluating your coverage, you can ensure that this year’s policy considers the reduced value of these items. Look at your policy and your possessions once a year and watch the savings add up.
Considering Home Improvements
Another good reason to take a look at your homeowners’ insurance in Jacksonville is to ensure that the changes you’ve made to your home are covered. When expanding or renovating a home, you’ll have to make sure that the new policy reflects the increase in property value.
Adding a Security System
It’s also possible to save money on home insurance by adding a security system. These setups minimize the chances of a home invasion or burglary, and in many cases, insurers offer similar coverage with less risk and a lower rate.
Adjusting for Inflation
This is perhaps the most crucial reason to update your homeowner’s insurance policy yearly. Your property’s value (and its replacement cost) may increase with time because of inflation. However, your coverage may not keep up with those increases. Many policies come with inflation protection, which increases coverage by a set percentage each year.
Many insurers only allow policyholders to make significant adjustments once per year. If you’ve missed your chance to re-evaluate your homeowner’s insurance in Jacksonville, you may end up paying premiums that don’t reflect your personal circumstances. By revisiting your policy, you can ensure proper coverage at a reasonable rate.