Your Basic Checklist When Renewing your Home Insurance Policy

What do you do when your renewal notice comes through the mail? Do you make sure to file it right then and there or do you just use the same coverage every year? There’s nothing wrong with not changing your policy; however, you should consider whether your existing coverage is enough for your needs. Your insurance company will notify you of the policy renewal and will give you new options for a new policy. It’s basically the same as a landlord giving their tenants new lease options by the end of their lease period. 


Policy renewal isn’t a light decision. Before you sign the papers and file for a new term, you first have to consider important factors. 

What to consider before you renew your policy

Change is the only thing constant in this world. You may have gotten a better job offer, got engaged, welcomed your first child, and more. With these changes, you also have to make sure that your insurance is keeping up. It’s imperative to update your policy if you see that your insurance doesn’t align with your present needs. Here are some things you can look out for. 

Check for rate changes

It’s important to check any rate changes for your homeowner insurance policy and premiums. You will be informed of the changes in rates and if that happens and you don’t know the reason for the sudden increase, then you need to speak with your insurance agent. The change may be because of the state of your home, your credit score, and if your home is exposed to more risks.

Check your liability limit

You need to revisit your liability limit or ask your insurance agent about it if you have made some changes to your home. You may have renovated your kitchen, installed a new pool, built a new garage, or made some other change in your property that might increase the risks of people in your home. Talk with your agent about all the options available for you. You also have to update them with the renovations as these may change the value of your home and you may be eligible for discounts. 

Take into account your lifestyle changes

Your policy will also have to be updated if you have bought any valuable possessions recently such as pieces of jewelry or computers. You can also make changes in your policy if you have a new member in the family or put up a new home business. 

These three are just the tip of the iceberg. There are still several other factors you can consider when renewing your policy. When you’re unsure what to do and the notification for a policy renewal comes around, it’s best to speak with your insurance agent about it. Here at London Insurance Agency, we have capable insurance agents and brokers who are more than ready to explain to you the options available for you and if there’s a need to renew or update your current policy. Give us a call regarding your homeowner’s insurance today!