Importance of Reviewing Your Home Insurance Policy Each Year

Home insurance involves making several decisions to ensure you have the best coverage for your needs. It’s easy to breathe a sigh of relief once you’ve finalized these choices. However, at M & M Insurance Group, we believe it’s essential for Chesterland, OH residents to review their home policy each year. Life is continuously changing, which can significantly impact your coverage needs.

A year—despite seemingly flying by—is made up of 365 days, and several changes could occur within this period, including:

• Birth or adoption of a child
• Marriage or divorce
• A family member passing away
• Kitchen or bathroom renovations
• Adding a room or other structure
• Starting a home-based business
• Decreasing your home loan or refinancing
• Retiring
• Installing an alarm system
• Upgrading the electrical system
• Purchasing new furniture, artwork, or other valuables

Reviewing your policy annually ensures that these changes are factored into your coverage. It offers several benefits, such as:

• Increasing coverage: If you’re upgrading your home, starting a business, or acquiring new assets, you will likely need additional coverage.
• Decreasing coverage: Some changes, such as refinancing for a lower cost, may decrease necessary coverage.

While an annual review doesn’t always imply changes to your home policy, it ensures that your policy remains suitable to your current situation. If you’re in Chesterland, OH, let our M & M Insurance Group team help you evaluate your coverage. Get in touch with us via a call or visit our office.