Conducting an annual review of your homeowners’ insurance policy is an important step that every homeowner should add to their to-do list. Many homeowners insurance holders do not carry out annual insurance reviews, which could mean they are missing out on essential discounts or leaving themselves underinsured.
Many situations may necessitate a review of your homeowners’ insurance. Here are 3 essential reasons why a homeowners insurance review is necessary for the new year.
Reason #1: Natural Disasters
With the constant threat of climate change and an increase in natural disasters, more areas are prone to related damage than ever before. Fire incidents have increased in recent times. The volume of rain has also increased, causing flooding. With climate change being a huge concern for the future, reviewing your insurance needs for the coming year is even more important. You need an annual insurance review that will protect your home from climate uncertainties and give you a comprehensive insurance policy for the new year.
Reason #2: Burglary and Theft
Owning a home leaves you at risk for break-ins and burglary. There are certain steps you can take to help protect yourself against these threats. An annual review is a great time to discuss coverage and possible improvements based on the type of house, the environment you live in, and your financial concerns. Working with an expert can help you develop a need-based insurance policy for the new year.
Reason #3: Accidents and Mishaps
Have you considered the consequences of having someone injured on your property? You could be at risk for a lawsuit even if such an individual came uninvited. What that means is that, if found negligent or blameable, you will pay for damages and foot all medical bills. Having your homeowners’ insurance reviewed annually will re-evaluate your property liability coverage, capture new events, and customize your insurance policy for the new year.
Seeing the escalating impacts of climate change, which has made more areas prone to flooding, and wildfire, it is important to consider an annual policy review. Similarly, the likelihood of burglary or theft in your location is a crucial factor to consider. Lastly, several accidents or mishaps in the home could be covered if the homeowners’ insurance policy is reviewed for the new year.
Considering these reasons as part of your plans for the new year is important. Don’t be caught unawares by the uncertainties that lie ahead in the new year. You may not have them within your control, but you can choose to review your insurance coverage and be as prepared as possible. With our annual insurance review, Westwood Insurance Agency is poised to factor new realities into your customized policy. For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.