Six reasons to get a head start on your home insurance renewal
Every year at this time, your home insurance expires and you have two choices: renew or find a better deal. Updating your insurance policy may not be a very exciting process, but it’s the best way to make sure you’re covered in the event of damage and, in some cases, save on your premium.
While some people prefer to wait until the last minute, getting a jump on your renewal is not only a smart move, it’s also beneficial in many ways.
Find out six reasons why starting your home insurance renewal a few weeks ahead of time can be a good idea for savvy insured members like you—and their wallets.
1. Make an accurate inventory of your property
We strongly recommend that you draw up an inventory of your property before taking out home insurance. This will help make sure you’re covered for the fair value in the event of a covered loss. And since you may acquire a good amount of stuff over time, your approaching home insurance renewal is a good opportunity to update this inventory with recent purchases—without being pressed for time.
That way, when you renew your policy, you can have the amount of personal property coverage adjusted to cover the replacement value of your possessions, including applicable taxes. This will not only ensure that your property is protected, but also avoid any underestimation of the total value—and unfortunate financial consequences in the event of covered losses. If in doubt, don’t hesitate to consult a professional appraiser.
Lastly, if you acquire high-value items during your policy term, such as computer hardware, sports equipment, jewellery, or works of art, you are required to report them to your damage insurance representative, who will check whether they increase in the risk in your file. If so, they may recommend adjusting your policy to keep you properly covered.
2. Gather the necessary documents to avoid stress
Not entirely satisfied with your current home insurance? When your term is up, you can choose not to renew your policy, without a penalty. This is a great opportunity to shop around for a better deal. By starting early, you’ll avoid the stress of rushing around gathering the information you need to request quotes, answer questions from damage insurance representatives, and get in on discounts.
Keep in mind that you may have to provide documentation to your damage insurance representative even if you choose to renew your existing home insurance. It’s always best to be prepared!
3. Get the best deal
Many factors can affect your home insurance premium. Some you can’t control, like the age and location of your building, while others you can, like whether you have a home security system or the deductible you’ll pay in the event of a claim for covered damage. You can lower your premium by having an alarm system installed or choosing a higher deductible, for example. On top of these factors, some insurers offer discounts, especially when you bundle your insurance.
Did you know? Prices quoted are generally guaranteed for 60 to 90 days, provided no changes or claims occur during this period. So if your renewal is scheduled for June or July, you can start getting quotes as early as March!
4. Read your policy to better understand the offers on the table
When renewing your policy, it’s a good idea to read the terms and conditions of the coverage you’re offered, so you understand the scope. If you’re looking for quotes from other insurers, understanding your current policy will help you compare apples to apples, and oranges to oranges. To make a fair assessment of the offers on the table, compare deductibles, coverage options, limitations, suggested endorsements, claims settlement terms, and so on. If you have any questions, go ahead and ask your damage insurance representative.
5. Plan wisely for cost-effective renovations
Did you know that some renovations can lower the price of your home insurance? Projects that improve your home’s safety or reduce its exposure to risks—such as replacing your roof or upgrading your plumbing—may qualify you for a policy discount.
If you’re interested in cost-effective renovations, consider contacting your damage insurance representative to see how the work might affect your home insurance premium. You’ll be in a better position to plan your next home improvement project!
Did you know? If you’re doing renovations or major work, you should contact your damage insurance representative, even if your contract renewal is a ways off. New features could impact your policy and require adjustments to your coverage options or insurance amount. Before choosing your contractor, give us a call!
6. Renew off-season for year-round enjoyment
Many people shop for home insurance around moving season, from June to September. By renewing in the off-season, you’ll have plenty of time to assess your needs and make an informed decision based on recommendations from our experts. So remember to contact us in early spring!
Promutuel Insurance, THERE to keep your home safe!
For over 170 years, Promutuel Insurance has been looking out for local residents by providing insurance coverage tailored to their needs. That must be why we’re the most recommended consumer insurer!
Don’t delay—start your home insurance renewal or shopping now to get the best deal. Get a quote online or contact us!
