4 Things to Consider When Renewing Your Home and Home Insurance

4 Things to Consider When Renewing Your Home and Home Insurance



Every year when our home and / or home insurance renewal notifications are received by mail, most of us automatically sign the form and send it back to the insurance company - after all, we already know what they are. bonuses. Big financial mistake, and here are 4 reasons:

Did you buy something new last year?


If you bought something new last year, for example, a new TV or VCR, the value of that new purchase will not be reflected in the renewal notification you just sent to the company. insurance. Likewise, you are paying for home insurance for something you no longer own if you have sold something valuable in the past year and have not informed the insurance company. In any case, you are not paying the right insurance premiums.

Have costs remained static?


If you have home insurance, insure your personal property against the cost of replacing the purchase of the same new item. On the other hand, part of your building insurance should cover the costs of labor and materials. Now ask yourself if the cost of replacing the hanging picture in your living room is the same today as it was last year? If the answer is that it would cost you more, you will only be paid what you said was the cost of the exchange! The same can be said of your friendly builder. Would he bill you for an hour of his time and for his documents today as he would have done last year? If the answer is no, you should expect to pay the difference.

Has the value of your home stayed the same?


Similar to the above, you should ask your real estate insurance company if the value of your home has stayed the same this year as last year? You should ask yourself this question even if you have not done any work on the house.

Is your home safer today?


This begs the question of whether you have done anything at your home in the past year which would mean that your home is now considered safer than last year. For example, have you added blockages to your doors or windows? If this is the case, there is a very good chance that the home insurance premium will decrease because housing security plays an important role in the assessment of your premium (as well as the crime rate in your neighborhood, you can so check and see if this has also increased or decreased).

Remember that no one stays still. For this reason, you should carefully read your home and / or home insurance renewal notices to ensure that they reflect your life today and not your life in the past year as accurately as possible. .
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