When it comes to renewing your home insurance, being well-informed is critical. Whether you’re a first-time homeowner or have been through the process before, understanding the nuances of renewal can save you money and offer peace of mind.

Tips for Renewing Your Homeowners Insurance

Consider the following tips for renewing your home insurance policy:

• Understand the renewal period. Most home insurance policies are renewed automatically every year. Your insurance company will send you a renewal statement roughly 30 to 60 days before your policy expires. This statement typically includes our policy period and renewal date, your new premium and any changes to your coverage.
• Review your coverage. Before your policy automatically renews, review your current coverage. Consider adjusting coverage limits, adding endorsements and modifying deductibles. These adjustments can help ensure your policy aligns with your current needs and circumstances. Assess whether your existing policy still meets your needs.
• Compare quotes. Even if your policy renews automatically, it’s wise to compare quotes from multiple insurers. Rates can vary significantly, and you might find better coverage or lower premiums elsewhere.
• Contact your insurer. Contact your insurance company or agent to confirm any adjustments and finalize the renewal process. You can also cancel your policy at this time if you have found a better deal with another insurer. Before canceling, make sure you have another policy lined up. Ensure your new policy’s effective date aligns with or precedes your current policy’s cancellation date.

When to Update Your Homeowners Insurance Policy

The best time to review your homeowners insurance is anytime you make changes, such as making home improvements or adding features like a trampoline or swimming pool. Ideally, discuss adjustments with your agent 30 to 60 days before your policy’s renewal date.

Common Homeowners Insurance Endorsements in Texas

Homeowners insurance endorsements, also known as add-ons, offer extra protection beyond the standard policy. The following are some common homeowner insurance add-ons and endorsements in Texas:

• Windstorm coverage
• Flood coverage
• Earthquake coverage
• Extra liability coverage
• Water backup coverage
• Limited fungi or microbes coverage
• Home business coverage

Homeowners Insurance in Fort Worth, TX

Contact Luna Insurance Agency today to discuss your current homeowners insurance policy. We can make coverage recommendations based on your specific circumstances.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.