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.

Tip 1: Update Your Coverage for Home Improvements

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:

  • Home Extensions or Additions

  • Kitchen or Bathroom Upgrades

  • Roof Upgrades

  • Tile Flooring

  • Pool and/or Patio Enhancements

  • Garage Conversions

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.

Tip 2: Reassess Your Personal Liability Coverage

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.

Tip 3: Evaluate Your Deductibles

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.

Tip 4: Review Your Overall Experience

The renewal period is the perfect time to reflect on your experience with your current home insurance company. Consider the following:

  • Financial Security: Do they have the financial stability to pay claims during catastrophes or hurricanes?
  • Customer Service: Did they meet or exceed your expectations?
  • Competitive Rates: How do they compare with other providers?
  • Additional Services: Are you utilizing all available digital tools and resources?
  • Natural Disaster Preparedness: How well do they manage claims related to natural disasters? 

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.