Some things in life can be "set it and forget it," such as having retirement savings deducted from your paycheck automatically or setting up autopay for your utility bill. However, other things, like your homeowners' insurance renewal, warrant a second look, rather than simply allowing your policy to renew year after year. 

Citizens recommends that you review your policy and coverages with your agent at least once a year to confirm that your contact information, including the mortgagee on the property and billing information, is current and that your coverages and deductibles remain appropriate for your situation. 

You can easily review your policy details through myPolicy. Be sure to carefully read your renewal package, including the Declarations page (upon receipt) for accuracy and appropriateness.

What Should You Review?

Coverage Amount for Your Home

Your coverage amount reflects the cost to rebuild your home, not the price you paid for the home, and does not reflect its current market value. This rebuilding cost, known as replacement value, is adjusted annually to reflect changes in construction and material costs.

This value should also be adjusted to reflect any recent improvements to your home such as remodeling or adding a room. Also, don’t forget to notify your agent if you have added any features that could qualify your home for discounts or credits, such as wind mitigation (e.g., shutters or impact-resistant windows) or a security or fire alarm system.

Deductibles

A deductible is the out-of-pocket amount you pay before your insurance covers a loss. While raising deductibles will lower your premium, it also means higher out-of-pocket expenses if your home has covered damage and you file a claim. Remember also to review your hurricane deductible amount. Before increasing any deductible discuss options with your agent to make the best decision for your needs.

Premium Cost

Homeowners’ insurance premiums generally change at the time of your policy renewal, so it is important to compare your current policy premium to your renewal policy. There are many reasons your premiums can change, including general rate changes, and requested changes in coverage amounts.

Complete a Home Inventory

Finally, make sure you have sufficient coverage to replace your personal belongings, especially if you have made new purchases or upgrades. At least once a year, complete and update a home inventory – a comprehensive, room-by-room documentation of your belongings, including their purchase dates and approximate values.

You can complete your inventory via video, photos, or by writing down the details in a notebook. Keep it (and a copy of your insurance policy) in a safe, easily accessible location, and take it with you if you need to evacuate. As an added safeguard, consider emailing the video to yourself so you have a backup in case your hard drive or computer is ever damaged or stolen.

When Should You Review?

There are key times throughout the year when reviewing your insurance naturally makes sense – like at policy renewal, at the start of a new year, or at the start of hurricane season.

Keep the following tips in mind:

• Review all policy documents. Make notes or write down questions for your agent during your policy review
• Keep your options open. The Florida insurance market has been improving, which means there may be private-market carriers interested in your property. As a Citizens policyholder, you may receive offers of coverage throughout the year from the Depopulation Program
• Update your agent. If there is any change to the property, use, or ownership, contact your agent as soon as possible.

Set It and Check It

By keeping up with changes to your home and following natural calendar reminders, you’ll be prepared and ready to select the best insurance coverage – either at your annual renewal or through a takeout offer.

There are many opportunities in life to set it and forget it, but when it comes to your homeowners' insurance, you should "set it and check it."