Time to Rethink? 8 Situations to Re-Evaluate Your Homeowners Insurance

Your home is likely your most valuable asset, and having the right homeowners insurance is crucial for safeguarding it. But life doesn't stand still. As your circumstances change, so too should your insurance coverage. Let's explore 8 key situations that signal its time to re-evaluate your current policy and ensure you have the right protection.

1. When Your Credit Has Recently Improved

   Many insurance companies offer lower premiums to policyholders with good credit scores. If you've diligently worked on improving your credit, it could be time to revisit your homeowners insurance. A better credit score could translate to significant savings on your annual premium. 

2. When You've Made Recent Updates – Roof, Mechanicals, Etc.:

   Have you invested in significant home improvements like a new roof, upgraded electrical system, or renovated bathroom? These improvements increase the value of your property, and your current homeowners insurance coverage might not reflect the updated value. Re-evaluating your policy after major renovations ensures you have adequate coverage in case of a loss.

3. When Claims Are Older Than 5 Years:

   Past claims history can impact your premiums. However, the good news is that claims typically fall off your record after five years. If it's been more than five years since you filed a claim, it could be time to shop around for a new policy. Your improved claims history could make you eligible for better rates.

4. When You Add Additional Lines of Business:

   Bundling your mercury homeowners insurance with other policies, like mercury auto insurance, can often lead to significant discounts from your provider. Let your insurance agent know if you've recently added a car or other insurance policies. They can explore bundling options that save you money while ensuring comprehensive coverage for all your needs.

5. When You Get Married:

   Life milestones like marriage can impact your mercury homeowners insurance. Combining households often means combining belongings, which might require adjusting your coverage limits. Additionally, some insurance companies offer discounts for married couples. 

6. When You Change Jobs – Affinity Discounts:

   Many employers offer affinity discounts on insurance products through partnerships with specific providers. If you've recently changed jobs, it's worth checking with your new employer to see if they offer discounted homeowners insurance through an affinity program. These discounts can translate to significant savings.

7. On a Renewal, If the Premium Has Increased Over 15%:

   Renewal time is a prime opportunity to re-evaluate your homeowners insurance. While some premium increases are to be expected due to inflation or market fluctuations, a sudden increase of over 15% might warrant shopping around. 

8. When You Pay Your Mortgage Off:

   Owning your home outright can impact your homeowners insurance needs. Some policies offered to homeowners with mortgages might not be suitable once the mortgage is paid off. 

Find the Right Homeowners Insurance Coverage with Expert Insurance

At Expert Insurance, we're dedicated to helping you find the right homeowners insurance coverage at the most competitive rates. Our experienced agents can guide you through the evaluation process, answer your questions, and ensure you have relief from knowing your home is well-protected. Contact us today to take control of your homeowners insurance needs. Call us at 310-533-6000 to get started.