Do you review your homeowners’ insurance policy annually? If not, you may want to consider doing so. According to a survey, nearly 85% of home owners in the US have a home insurance policy, but only 64% of home owners review their policy annually.
Reviewing the policy every year is essential because the terms of the coverage can change without any notification from the company. Therefore, you need to be aware of whether the money you are spending on your policy is worth it or not. If your house sustains damages from a storm, having the right coverage helps you get the damages repaired without incurring financial losses. For storm damage repair, you should engage expert contractors like Aspen Exteriors, a reputable storm damage restoration company serving customers in Des Moines and other cities in Iowa, Minnesota, and Utah.
This blog post shares the top four reasons why you should review your homeowners’ insurance policy at least once per year!
1. Keeps You Up-to-Date on Your Policy
A key aspect of reviewing your home insurance policy is knowing what changes have been made regarding coverage or price over the year. So, if there is a change that is not in your best interest (higher cost or less coverage), you can take action before incurring any losses.
2. Keeps You Up-to-Date of Changes in Your Coverage
Homeowners’ insurance policies usually cover accidents involving fire, wind damage, or other disasters. After reviewing your policy, you will know if there have been changes in coverage for these issues so you can manage any incidents accordingly. Sometimes, home owners aren’t aware of what events their insurance actually covers and pay out of their pocket to repair their homes.
3. Ensures Enough Liability Coverage
If you review your policy each year, then it is likely that you will be aware of the exact details of your liability coverage. Your review can help protect your family’s assets by ensuring they are not taken away if someone sues you following an accident at home. Knowing the exact details of the coverage, such as the limit of the other party’s entitlement in case they win the lawsuit, will help you deal with it accordingly.
4. Eligibility for Occasional Discounts
Regularly reviewing the policy will also keep you informed about your eligibility for occasional discounts that insurance companies offer. You may be entitled to discounts on your premium upgrades to the coverage or savings from a particular event like an earthquake or a hurricane.
We hope the above four points have helped you understand why it is so critical to stay abreast and regularly review your homeowners’ insurance policy.
If you reside in Des Moines, IA, and your home has suffered storm or hail damage, and you would like to avail your homeowners’ insurance coverage to repair the damages, Aspen Exteriors can help. Our experts will work with your insurance company to review and file the claim. We are licensed and experienced professionals who can help you repair your home. Please connect to get a free quote for our services today!