Many homeowners in Chandler, AZ might believe that once they purchase home insurance, they don’t need to revisit it unless they move. However, this is not the case. Changes in your home and personal circumstances often necessitate a review of your coverage. San Marcos Insurance Group can guide you on when to review your insurance and make any necessary adjustments.

Conduct an Annual Review

Insurance experts generally recommend reviewing your home insurance coverage at least once a year. A convenient time to do this is in the weeks or months leading up to your policy renewal. Your insurance provider will send a policy renewal statement highlighting any increases in premiums. This statement provides an excellent opportunity to review your coverage and decide if you should switch providers. Simultaneously, assess if any changes have occurred over the past year that could leave you underinsured.

Factors to Consider

When reviewing your home coverage needs, consider the following questions:

• Have you undertaken any significant renovations or additions?
• Have you purchased expensive items, such as jewelry, that require coverage?
• Have you started a home-based business with inventory?
• Have there been changes in your family situation, such as marriage, divorce, or the addition of a child?

Can You Cancel Your Policy Before It’s Up for Renewal?

Yes, you can cancel your policy and switch providers if you find a better rate. However, check if your policy includes an early termination penalty. Even if it does, you might find that another provider offers a better deal that offsets any penalties.

Let the experts at San Marcos Insurance Group, serving customers in Chandler, AZ and surrounding communities, guide you on reviewing your homeowner’s insurance and ensuring adequate protection for your home.