Finally, now that you’ve selected a plan that meets your security and financial requirements, spend a little time re-evaluating your plan. After a year, you may find that you’ve filed little or no claims and don’t foresee filing many in the future. You may want to reassess your deductible if you opted for a lower one in the beginning. As mentioned previously, lowering your deductible can significantly decrease your premium and still provide adequate coverage for your home. When it’s time to renew your policy, contact your agent about the price differences according to deductible amounts.

If, after a year or so in your new home, you find that homeowner’s insurance has been your saving grace, lowering your deductible may not be the best choice for you. No homeowner can predict the damages that may affect their home or family. However, you may have purchased options you never used or are no longer relevant. For example, you may have purchased extra insurance for equipment you use in a small business from your home. If you start working at an office or find yourself financially independent enough to cover your losses in case of damages, consider dropping this option. Carefully review your policy and any extra options you originally purchased to find ways to cut costs, but remember to keep adequate coverage.

On the other hand, after a period of time, you might feel you haven’t purchased enough insurance. It’s a good idea to run an inventory of your personal property once a year to establish how much insurance you really need. This may seem like a daunting task, but it can be made quick and simple with the aid of a camera or video recorder. Take pictures of all items in your new home, being careful to note important items like jewelry and artwork. Make notes to yourself on the backs of these pictures about the value of the item and the amount of time you plan on keeping it. You can also use a video camera to walk through your house and record possessions. Be sure to carefully identify items out loud and describe their worth. Once you’ve completed inventory, add up the value of your possessions. Compare this figure with the amount of personal property insurance you purchased and assess whether there is a need to purchase less or more coverage.

Plan to re-evaluate your homeowner’s insurance coverage once a year to remain abreast with any changes that need to be made. You can also contact your insurance agent for advice about new options you might need or information on the latest available discounts.

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