Your home insurance checklist for renewal time

When you receive your annual home insurance renewal notice, it can be tempting to file it away and leave your policy as-is for another year. But you might not realise that your life circumstances or the value of your home has changed over the past year, which could affect your insurance. Your renewal notice is a good reminder to carefully review your home insurance policy and make sure you’ll have the coverage you need if you ever have to make a claim. Check these steps off your to-do list at renewal time:

1. Review the sums insured on your policy. If you ever need to make a claim for damage to your property or your belongings, the last thing you want is to find out that you don’t have enough coverage to repair or replace them — also known as being underinsured. The total rebuild cost for your home has likely gone up since you bought your policy, and it’s important that your home insurance covers the full cost in today’s market. Review your sums insured each year to make sure they’re adequate for your current situation and that you have high enough limits to rebuild your home from the ground up in the event of a total loss.
2. Report renovations or home improvements. If you’ve made changes to your home in the past year, such as adding a swimming pool, renovating your kitchen, or upgrading your appliances, it’s important to let your home insurer know, as they may need to make changes to your home insurance coverage or your sums insured. If you’re not sure whether or not you should report a change to your insurance company, it’s better to be safe than sorry — give your insurer a call and let them know.
3. Reassess your third party liability limit. Third party liability coverage protects you in the event that you’re held legally responsible for an injury or damage to someone else’s property — so it’s important to make sure you have adequate liability limits in place. If you’ve made any changes to your home that might increase the chances of a visitor getting hurt, such as installing a swimming pool or getting a new pet, it might be worth increasing your liability limit if possible.
4. Disclose life changes and major purchases. Whether you’ve recently gotten married, started your own small business, or bought yourself a high-value item like a piece of artwork, be sure to let your insurer know. Life changes and big purchases can come with different insurance requirements, such as additional coverage for high-value items, and you may need to update your coverage. 

While your annual policy renewal notice is a good reminder to review and update your coverage, you can make updates to your policy at any time — the sooner the better. Log in to review your home insurance policy online and contact the BF&M customer support team at +1 441 295 5566 to make updates to your coverage.