I review my policy annually, no matter what. It’s like a health check-up for your property. Even if nothing’s changed, it’s good to have that peace of mind. Plus, insurance companies sometimes change their policies or offer new types of coverage that could benefit you.
I had a wake-up call when a neighbor’s house burned down. They thought they were covered, but turns out their policy hadn’t kept up with renovations. Now, I make it a point to update my insurance after any major home improvement. It’s a hassle, but better safe than sorry.
It’s interesting how local regulations can affect your insurance needs. I had to upgrade my coverage after the city updated its fire safety codes. It was a bit of a headache, but it forced me to take a closer look at my policy, and I found some gaps I didn’t know existed.
I think it’s also worth considering the replacement cost versus the market value of your property. I learned this the hard way after a minor fire. The market value was way lower than what it actually cost to rebuild. Now, I make sure my coverage reflects the replacement cost, not just the market value.