Your home is one of your most valuable assets, and protecting it requires more than just purchasing a policy — it means regularly reviewing it. Life changes, market fluctuations, and even local weather patterns can affect your coverage needs. But how do you know if your current policy is still the right fit? Before your next renewal, review your coverage and compare homeowners insurance quotes to ensure your policy meets your needs.

Why Review Your Home Insurance Policy?

A home insurance policy isn’t a one-and-done purchase — it should evolve as your needs do. Reviewing your policy annually ensures you have adequate coverage for your home’s current value and any recent changes.

Key reasons to review your policy include:

• Home renovations: Upgrades like a kitchen remodel or an addition can increase your home’s value and replacement costs.
• Market value changes: If home values rise in your area, your current coverage may be insufficient.
• New risks: Climate changes or increased crime rates in your neighborhood might require additional coverage.
• Major purchases: High-value items like jewelry, electronics, or art may need extra coverage beyond standard limits.

Key Questions To Ask When Reviewing Your Policy

Answering the following questions will help you spot any gaps in coverage.

Does My Policy Cover Full Replacement Costs?

If your home were destroyed, would your insurance cover the full cost to rebuild? Many homeowners mistakenly assume their policy guarantees full replacement, but that’s not always the case.

Whereas replacement cost covers the cost to rebuild, actual cash value factors in depreciation, leaving you paying more out-of-pocket. With inflation and supply chain issues, rebuilding costs for residential and commercial properties have surged by 60% over the past decade. Make sure your policy accounts for current market rates.

Are My High-Value Items Fully Covered?

Standard home insurance policies include limits on valuable items, meaning high-end possessions may not be fully protected. For example, jewelry, artwork, and collectibles often have sub-limits within your policy. Scheduling personal property coverage ensures full protection for valuable items.

What Are My Liability Limits?

Personal liability coverage protects you if someone is injured on your property or if you accidentally cause damage to someone else’s property. Many homeowners underestimate how much coverage they actually need for unforeseen events.

Common liability claims involve dog bites, slip-and-fall accidents, and property damage. Consider upping your limits to account for medical and legal costs, which can quickly exceed standard liability limits and leave you financially vulnerable.

Do I Need Additional Coverage for Natural Disasters?

Standard home insurance policies often exclude coverage for certain natural disasters, leaving homeowners at risk. Floods, earthquakes, and hurricanes are typically not covered under standard policies and require separate coverage. To assess your risk, check FEMA flood maps and local hazard data to determine if you need additional policies.

When Should You Get a New Homeowners Insurance Quote?

Even if you’re satisfied with your policy, it’s wise to compare homeowners insurance quotes periodically to ensure you’re getting the best deal.

• Have your rates increased? If your premium has jumped without a clear reason, shopping around could help you find savings.
• Do you qualify for new discounts? Bundling home and auto insurance or upgrading security features may make you eligible for discounts.
• Have your coverage needs changed? If you’ve made renovations or major purchases, a new quote ensures your policy still aligns with your needs.

Final Steps for a Successful Policy Review

A thorough home insurance review ensures you’re protected without overpaying. Use this checklist:

• Confirm your dwelling coverage reflects current rebuilding costs.  
• Check that you have comprehensive coverage for valuable personal belongings.
• Review liability limits to ensure adequate protection.
• Determine if you need additional policies for floods or other excluded risks.
• Compare homeowners insurance quotes to see if switching policies could save you money.

Need expert guidance? E.J. O’Neil can help you assess your coverage and find the best policy for your home. Get a homeowners insurance quote today.

About E.J. O’Neil Insurance Agency

Since 1898, E.J. O’Neil Insurance Agency has provided homeowners with reliable coverage and high-quality customer service. Today, we offer a variety of policies, including commercial, boat, automobile, homeowners, motorcycle, and renters insurance. Quotes are free by phone or online request, and we can provide notary and other services at our location. We pride ourselves on caring for customers when they need it most. To find the right coverage for your needs, call 413-594-4757 or visit us online.