The right homeowners insurance policy is imperative for providing financial protection against damages. However, your current insurance needs may not match your current policy’s coverage, leading to a coverage gap. Due to a change in home value, job status, or even environmental factors, you may need to review and amend your current policy.
Conducting an annual insurance policy review helps homeowners check their coverage needs and make the necessary adjustments. If you have homeowners insurance in Illinois, this blog will help you assess your risk factors to understand why annual policy reviews are important, avoid common mistakes, and make sure your policy has the coverage you need.
Annual Illinois homeowners insurance reviews help homeowners assess their needs based on their current conditions. Since the time you bought your homeowner’s insurance policy, your insurance needs may have changed for a number of reasons, including:
Annual insurance reviews help you stay aware of relevant changes to your coverage needs to make sure your home and belongings stay protected at their current value, not the value they were when you bought the policy.
While homeowners insurance in Illinois usually covers weather damage and theft, many homeowners overlook common coverage gaps. These include:
An annual policy review allows you to reassess your risk factors and determine if any of these coverage gaps have changed. For example, local weather patterns may have changed, placing your property at a higher flood risk.
Changes to your home and environment are not the only risk factors you should consider. Personal lifestyle factors such as a change in mobility could impact your injury risk level, which may require additional coverage.
Provide us with your contact information, select the type of insurance product you are interested in receiving a quote for and a brief description of your coverage needs! One of our experienced brokers will respond to your request in a timely manner.
Changes to the policy itself may also affect your current coverage. Regulatory updates by the Illinois Department of Insurance, such as a change in minimum coverage based on your new property value, could impact the policy you need.
Your policy provider may also offer new riders or require new coverage minimums. Any changes in terms and conditions that could impact your coverage status must be reviewed.
Insurance discounts may help you get extra savings on your new policy. Buying a home and auto bundle, remaining claims-free for a certain number of years, or having seniors or military service members living at the house could make you eligible for new savings.
Millions of homeowners leave discounts on the table without realizing that they qualify for savings, often because they did not qualify when they first bought the policy.
To conduct an effective review, homeowners should follow these simple steps:
Many homeowners make mistakes when reviewing their policy coverage each year. They overlook small policy details that change their eligibility for certain coverage or miss valuable discounts for which they qualify.
Another common mistake is to avoid reviewing the policy updates, potential savings, and coverage changes altogether by delaying policy reviews. The annual review process helps you stay aware of any policy changes so you can make the necessary adjustments to your coverage.
Our team of insurance professionals at Pro Insurance Group can help you review your homeowners insurance coverage in Illinois. Based on your situation, we customize your policy update plan, taking advantage of discounts and savings you might have missed while making sure that your house meets your insurance provider’s updated coverage minimums.
Schedule your annual home insurance review with Pro Insurance Group to make sure you have the coverage you need when you need it most.