Many homeowners only review their homeowner insurance policy when they initially put it into place.

Madelyn Flannagan, vice president for education and research at the Independent Insurance Agents and Brokers of America, or IIABA, noted, “So many people never look at it because their mortgage company pays their premiums.”

Past IIABA surveys have shown that many homeowner policies do not fit the needs of the homeowner. Numerous policies have gaps and are not a good fit. It’s important to complete “a comprehensive review” of your policy annually with your insurance agent. Our team of agents at Steely & Smith can help ensure your homeowner’s policy meets your needs and your budget.

At Steely & Smith, we suggest reviewing your policy annually at renewal time and when any significant changes, renovations or purchases occur.

Outside of your annual review, experts recommend updating your policy when a significant change occurs. Making sure any major improvements are included in your plan. Doing this may save you out of pocket expenses.

Advise your insurance agent if you become a member of any organizations – this too can reduce your annual expenditure.

Did you know that if you add a security system or tap into a municipal water system, many insurance companies reward you?

Any major purchase for your home outside of renovations should be added to your policy as well. Things like high-end electronics, jewelry, antiques, computers or other high-end items need to be added as well. It is wise to review your policy to learn how these elements would be replaced or repaired should damage or losses occur.

Our agents will be happy to review your homeowner’s insurance policy and help you find the best products and the best rates available for you. Contact us today!