What to Look For When Reviewing Your Homeowners Insurance
Posted by Addie B. on January 17, 2018 in Home Focus

Reviewing your insurance policy can be overwhelming if you don’t know where to start. While the best course of action is to have a conversation with your insurance agent, we’ve provided a few high-level examples of what you might want to look for in your policy.


Let’s start with some basic insurance words that will help you understand your coverage without getting too bogged down. We know insurance definitions are often long and difficult to understand, so we tried to make them as simple as possible.


Coverage A Limit. Sometimes referred to as the dwelling limit, this is the amount you would receive in the event of a total loss to your home. It is important to make sure the amount is enough to pay for the cost to rebuild your home.


Deductible. The deductible is the amount you agree to pay for a claim before the insurance company will reimburse you for any covered loss. When comparing quotes from multiple companies, make sure the input criteria matches and you are comparing exact policy details.


Exclusions. These are the items your policy does not cover. Exclusions are common in insurance policies and will be specified in the coverage form language. Be sure you understand what your policy does and does not cover so you aren’t surprised by anything.


Endorsements. These are special parts that have been added to your policy. While the base policy may not have all the coverage you require for your unique needs, endorsements can be added to broaden, add, or modify what your policy covers. Some endorsements add coverage for things that would otherwise be excluded from your homeowners policy.


Policy Period. This is the period of time you are covered by the policy. If you are going to shop for a new insurance provider, be sure you start well before the existing policy ends. You don't want to have any gaps in your coverage!


While most people don't spend a lot of time thinking about their homeowners insurance policies, it is a good idea to occasionally review coverage. While an annual review is common (around the time your policy renews), it is important to notify your insurance agent or insurance company of any changes that occur mid-term (between the start and end dates). For coverage questions or changing needs, talk to your independent agent today!






Addie B.
Addie has a wide range of personal insurance experience and with her position at Acuity, has been able to specialize in homeowners insurance. On top of her homeowners insurance knowledge, Addie has a good understanding of the insurance industry in general. She focuses on the consumer allowing her to play a key role in product development. Also, she is currently working towards an Associate in General Insurance designation. In her free time Addie spends time outdoors and enjoys playing and watching sports.

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