Your home is likely your biggest investment—and protecting it requires more than just setting and forgetting your insurance policy. An annual home insurance checkup ensures your coverage keeps pace with changes to your property, lifestyle, and local risks. Failing to update your policy could leave you underinsured when disaster strikes or paying for coverage you no longer need.
Here’s how to make the most of your annual home insurance review, and what to update before it’s too late.
Why an Annual Checkup Matters
Life changes—and so should your insurance. If you’ve made renovations, bought valuable items, or experienced life milestones (like marriage or retirement), your current policy may no longer reflect your actual needs.
A yearly review can help:
- Ensure adequate coverage limits
- Prevent claim denials or underpayment
- Take advantage of new discounts
- Adjust deductibles to match your financial situation
- Comply with lender requirements or local regulations
What to Update During Your Home Insurance Review
Here are key areas to check and update when reviewing your policy:
1. Home Improvements or Renovations
If you’ve upgraded your kitchen, added a bathroom, built a deck, or finished a basement, your home’s replacement cost may have increased. Failing to report improvements could leave you underinsured.
Update your dwelling coverage to reflect your home’s current rebuild value.
2. Personal Property Inventory
Did you purchase high-value items this year like a new TV, jewelry, art, or expensive electronics?
Update your personal property coverage and consider scheduling high-value items individually to ensure full protection (standard policies may have sublimits).
3. Changes in Occupancy or Use
- Are you now renting out part of your home (e.g., Airbnb)?
- Have you started a home-based business?
- Has your household size changed?
These updates could affect your liability risk and eligibility for certain coverage types.
4. Local Risk Factors
Check if your area has seen:
- Increases in wildfire, hurricane, or flood risks
- Higher crime rates
- New building codes or ordinances
You may need additional coverage like:
- Ordinance or law coverage
- Flood insurance
- Extended replacement cost coverage
5. Discount Eligibility
You could qualify for new discounts if you:
- Installed a home security system
- Upgraded your roof or electrical system
- Bundle home and auto insurance
- Remain claim-free for multiple years
Ask your insurer about recent or unclaimed discount options.
6. Policy Limits and Deductibles
Has inflation increased building costs in your area?
- Re-evaluate your coverage limits to ensure they reflect today’s market.
- Adjust your deductible if your financial situation has changed (a higher deductible can lower your premium, but be sure you can afford it out of pocket).
7. Liability Coverage
As lawsuits become more common, ensure your personal liability limit is enough to protect your assets.
Consider increasing limits or adding a personal umbrella policy for broader protection.
Don’t Forget: Review Coverage for Detached Structures
Items like:
- Sheds
- Garages
- Guest houses
- Fences or driveways
These fall under “other structures” coverage. If you’ve added or improved any, adjust this part of your policy too.
How to Conduct Your Home Insurance Checkup
- Request a copy of your current policy
- Walk through your home and document changes or upgrades
- Create or update your home inventory
- Check your current replacement cost estimate
- Talk to your agent about any new risks or discounts
Final Thoughts
Treating your home insurance like an annual health checkup is one of the smartest financial moves you can make. By staying proactive, you ensure your policy grows with your life and your home, rather than falling behind.
Peace of mind is priceless—but it starts with a policy that’s up to date.
At Capital Insurance Service, we are committed to offering our clients a wide range of comprehensive and affordable insurance policies. We go above and beyond to ensure that we meet your unique needs with tailored solutions. To find out more about how we can assist you, please reach out to our agency at 775-301-9099 or CLICK HERE to request a free, no-obligation quote.
Disclaimer: The content provided in this blog is for informational purposes only and should not be considered professional advice. For personalized guidance, it is important to consult with a qualified insurance agent or professional. They can offer expert advice tailored to your individual situation and help you make well-informed decisions about your insurance coverage.
