How often should a homeowner review their insurance policy?

Homeowners should review their insurance policy at least annually to ensure that they are adequately covered and to account for any changes in their circumstances. This regular review allows homeowners to assess whether their coverage limits, deductibles, and specific protections align with their current needs and the value of their property.

Over the course of a year, various factors may change, such as renovations to the home, new purchases (like expensive appliances or jewelry), or even increases in local property values. Failing to review the policy annually could result in insufficient coverage in the event of a loss, which could lead to significant financial impacts.

Additionally, the insurance market may also change, introducing new options or better rates that the homeowner might want to take advantage of. By reviewing their policy every year, homeowners position themselves to make informed decisions that could enhance their coverage and potentially save money.