Don’t Just Renew, Review: 4 Essential Tips for Your Home Insurance Renewal

Is your Florida home insurance renewal approaching? Take this opportunity to ensure your coverage matches your current needs. Here are four essential tips to guide you through your Florida home insurance renewal process and help you secure the best protection for your most valuable asset.
Your premium is based on the cost to rebuild your home, not its market or resale value. If you’ve made renovations, however minor, you might be underinsured if these aren’t factored into your policy. Consider any changes like:
Some improvements, like installing centralized security systems, new smoke detectors, or smart home technology, may qualify you for discounts. Always consult your insurance agent to understand how these updates affect your premium before renewing.
Be aware that rising construction costs in Florida can affect your premium, even without major renovations. Ensure your coverage reflects current rebuilding costs to prevent underinsurance in the event of a claim.
Your home insurance doesn’t just protect your property—it shields your financial future too. Personal liability coverage protects you if someone is injured on your property or you accidentally damage someone else’s property.
Increasing your liability coverage usually costs little but can offer significant protection, especially if your personal assets have grown. Review how new laws may affect your policy and ensure you have adequate liability coverage for your current situation.
Changes in your financial situation might mean it’s time to adjust your deductibles—the out-of-pocket amount you pay before your insurance covers a loss. If your finances have improved, raising your deductibles can lower your premium, potentially saving you money over time. Evaluate your current financial position and discuss deductible options with your agent.
The renewal period is the perfect time to reflect on your experience with your current home insurance company. Consider the following:
Your insurance company will likely notify you several weeks before your renewal deadline. Use this time to evaluate how your insurance needs have evolved and contact your agent or current company with any questions or updates.
By taking these steps, you can ensure that your home insurance renewal process not only addresses any changes over the past year but also positions you to receive optimal coverage and value moving forward.