Most Homeowners insurance companies will simply send out a reminder for a renewal of your home insurance policy when the end of the year is up for your insurance coverage. Many will also automatically renew your policy unless you call and let them know that you want to change or cancel that policy. This makes it easy for many homeowners to simply begin sending in the next set of payments for another year without reviewing the policy to make sure it adequately reflects their needs for the year.

Whether you have upgraded or remodeled the home, added a deck onto the back, turned the home into a rental property or realized that you may have problems with flooding in your area, there are several reasons to review your home insurance policy every year to assess whether the coverage still meets your needs.

Even if you have just begun a new home insurance coverage policy, it is important to review the policy as soon as you receive it to make sure the policy has the correct coverage amounts and coverage needs you have asked for. Remember that this policy will be in place for an entire year and will most likely cost between $300-$2000 so be sure that you are getting what you want.

If you asked for personal liability of others in the amount of $100,000 and the policy only shows $50,000 don’t be afraid to call the insurance agent back to have this problem corrected. The problem can simply be solved by issuing a new policy or a policy change.

Once the year time period has expired on your current policy and you are getting ready to renew again, it is always a safe bet to call the insurance agent and ask if the replacement cost value has gone up on your home or on anything in your home.

Remember that the financial market continues to increase and with this rates of building and replacement tools will go up, so there is no shame in calling to ask if the figures on your policy need to be changed.

If you have done any renovation of the home in the last year, such as replacing countertops or flooring, or even adding on a deck, it is important to inform the insurance company of these changes. This protects you from being underinsured in case of damage or loss.

If you have acquired any major purchases of personal property, it is also important to contact the insurance company about changing the coverage amount on your interior belongings. This could include major electronics equipment like an LCD television, a personal computer or laptop, an expensive piece of jewelry or fur coat, or even new furniture or a new piece of artwork.

It is also important to review your insurance coverage policy every year to determine if you have adequate peril coverage and liability insurance. Although some basic plans cover certain types of natural disaster and others cover personal liability, you may want to consider adding on specific insurance clauses for flooding, hurricanes, or tornados if you live in a high risk area.

If you started a plan out with little or no hurricane insurance but realized that the previous year brought major hurricanes to your area, then you may want to reconsider the amount of coverage. As well, some policies do not require homeowners to have personal liability insurance but this is a good idea if you are planning on having others in your home quite often.

This could include construction workers who are remodeling a kitchen or bathroom or even a babysitter or housekeeper. You will also want to change your policy if your children are starting to get older and invite over friends to play in the yard or to spend the night. Personal liability insurance will cover any accidents that happen while others are in your home.

One final reason to review your insurance policy each year is to assess discounts or possible price quote deductions that you may be able to receive. When you purchased the home it may not have had a security system installed, fire sprinklers or been equipped with up to date smoke and carbon monoxide detectors.

But if you have installed this equipment over the past year, it is a good idea to call and inform the insurance company to see if you this makes you eligible for a discount. You may also be able to receive a discount if you started receiving car insurance from the same company, turned a certain age, or began a membership to a certain club or organization that the insurance company recognizes and gives discounts to on a regular basis.

Credit: Ian W Anderson of homeownersinsurance.cc, the homeowners insurance information site. For more homeowners insurance information and articles like this one visit: Homeowners Insurance

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Every home needs a home inventory updated at least once a year. Homeowners who live in hurricane stricken areas like Florida, coastal regions of Alabama or Louisiana and Texas are used to putting together a home inventory on a regular basis, but for those homeowners who live in the Midwest or in regions of the country without hurricane season abounding, they may think there is no need for a home inventory. This just is not the case!

No matter what part of the country you live in, a home inventory is a must have because fire, flood, and wind or tornado damage as well as theft or lost property can happen to anyone at any time. Not having your home inventoried can make the process of dealing with insurance agents an absolute nightmare, especially if you are trying to visualize from memory everything that was lost, damaged or stolen in your home while speaking to an insurance agent on the phone. The best bet for making sure your household goods are replaced to the fullest extent, is to keep some type of home inventory to help better replace these items.

There are several different ways to inventory the belongings in a home. Of course one of the easiest ways to inventory items is to get a notebook and pen and walk from room to room writing down anything that would or should be replaced in case of damage or loss. Inventorying items this way can be time consuming, but allows for everything in the room to be examined and approximate values to be determined, which should be included on an inventory list. The next step up from pen and paper would be to write the home inventory on a Microsoft excel spreadsheet or simply in a Microsoft Word file.

If the means are available for more hi-tech versions of inventorying home items, this is probably the best option. Simply turn the date and time stamp on the 35mm or digital camera and go from room to room taking pictures of each room, labeling the pictures with item information once the pictures have been developed.

Many homeowners also use video cameras to go around the house recording what each room looks like at a certain time and date. This is a great way to get a live action shot of what the material items look like at present and can easily be handed over to an insurance company.

A few tips to keep in mind when creating an inventory is to always keep receipts for major purchases and store these with the home inventory. The more you can estimate for the Homeowners insurance company the price and date an item was paid for, the more likely a price near that cost will be given back for repayment. If possible, it is also best to write down where the item was purchased at, the model number and a manufacturer’s name.

As well, it is important to always note the date and time on the inventory, and this is why using a still or video camera is a great idea. Although the Homeowners insurance company is supposed to be on the side of the insured, they will be estimating costs at a minimum to save themselves money. So be smart about a home inventory, so that items will be replaced at full cost and in a timely manner.

Remember that it is not necessary to inventory items that would not be missed if they are lost or damaged, such as a paperback novel or a $10 pair of flip-flops, but if you are a book collector who has an extensive collection of antique books or a shoe collector who has hundreds of dollars worth of shoes, be sure to inventory these items.

Of course large items like furniture, artwork, appliances, electronics, large sports equipment, and large outdoor equipment should absolutely be inventoried. It is probably wise to also inventory or at least photograph clothes, home interior accessories, tool sets, kitchenware, and even workout equipment, but the major rule of thumb is to know the value of your own personal property to determine if it is worth adding to a home inventory list.

After the home inventory is created it should be placed somewhere other than the home. This could be stored at a family member or neighbor’s home, although the safest place for a home inventory list is in a safety deposit box or a fire and flood proof security box.

Credit: Ian W Anderson of homeownersinsurance.cc, the homeowners insurance information site. For more homeowners insurance information and articles like this one visit: Homeowners Insurance

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There is no way around needing Homeowners insurance if you are about to embark on the journey of purchasing a home. Depending on the size of the home, Homeowners insurance can cost as little as $400 a year to as much as $2000 a year, if not more in some parts of the country. The amount of Homeowners insurance you receive will also be determined by the value of the interior property, including the upkeep of remodeling on the home, as well as whether your policy will include valuable electronics and jewelry.

Once you have determined what type of policy you would like to implement, you can begin discussing yearly and monthly costs with insurance agents. One thing to keep in mind while you are searching for Homeowners insurance is that the rates won’t vary that much between each company, but there are small ways to save a few dollars to a few hundred dollars, simply by finding some Homeowners insurance discounts that are available.

One of the easiest ways to receive a discount on Homeowners insurance is to install a home security system, and not the type that barks and growls. Many insurance companies are actually paired up with security companies like ADT or Brink’s and will give you a discount for using that insurance company and that security company as well.

Even if you get Homeowners insurance and decide to go back later and install a security system, don’t forget to go back and call your Homeowners insurance company once the system is installed so that you can receive a discount on your insurance. Further discounts may be given for motion sensors or even for video surveillance cameras installed on the home.

Another great way to receive a small discount on your Homeowners insurance is through fire and carbon monoxide detectors and fire resistant doors, brick and even walls. Remember that not all companies will offer the same discount for fire resistance and fire protection, so it is best to do research on how much of a discount can be received before diving in to remodeling the entire house for fire resistance.

Keeping up with newer appliances is another excellent way to help receive a Homeowners insurance discount. Older appliances are more likely to develop bad electrical connections, which can make the home susceptible to fire.

The first place to begin updating appliances is in the kitchen because kitchens are on the top of the list for places where fires begin. Many other insurance companies will offer a discount for new plumbing and electrical systems, or simply for a home that is less than ten years old altogether.

While some homeowners aren’t willing to consider a higher insurance deductible, or the price they will pay before the insurance will begin paying for loss or damages, asking for price quotes with higher deductibles is an excellent way to receive a discount on your insurance.

Most Homeowners insurance companies start out with a minimum deductible of $250 to $500 dollars, but try raising the deductible by $250 and see how much this will save you a year. Often times, this can make a difference of nearly $100-$150 a year on the total insurance bill.

Remember, though, that if you choose this route, you may end up paying more than that $150 savings a year if something happens to your home and you have to pay the higher deductible. Simply weight the negatives and positives and decide if a higher deductible is right for you.

The final sure fire way to receive a Homeowners insurance benefit is to belong to a club or certain group. This could simply mean being in the “65 and older” club and receiving a senior citizens discount, or it could also mean already being a member of the bank where you are looking to purchase Homeowners insurance. Some insurance companies also give a discount if you plan on having both your car insurance and Homeowners insurance with that company.

Before settling for the first set of numbers thrown at you by the insurance company, be sure to ask about these discounts and make your assets work for you when shopping for Homeowners insurance.

Credit: Ian W Anderson of homeownersinsurance.cc, the homeowners insurance information site. For more homeowners insurance information and articles like this one visit: Homeowners Insurance

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