As 2025 approaches, it’s an excellent time to review your Fargo home insurance policy and ensure you’re properly covered. Life changes, home improvements, and shifting financial goals can all affect your insurance needs.
Ask These Questions When You Renew Your Fargo Home Insurance
Before you sign that renewal, take a moment to ask some critical questions that could help you avoid unexpected costs or gaps in coverage.
1. Has the Value of My Home Changed?
Over the past year, your home’s value may have increased due to rising market conditions or significant home improvements. If you’ve renovated your kitchen, added a home office, or built an extension, your coverage may no longer reflect your home’s actual value.
2. Are My Personal Belongings Fully Covered?
Did you purchase high-value electronics, jewelry, or other expensive items this year? Some standard policies have limits on coverage for specific categories of personal property.
3. Do I Have Enough Liability Coverage?
If someone is injured on your property, you’ll want to ensure your policy covers legal fees and medical costs. Ask your insurer if your current liability limits are still appropriate for your financial situation.
4. Are There Any Changes to Policy Exclusions?
Check with your insurer to see if any new exclusions have been added. For example, certain natural disasters, like floods or earthquakes, might not be covered under a standard policy.
5. Do I Have the Right Deductible?
You may want to adjust your deductible if your financial situation has changed. A higher deductible often results in a lower premium, but it’s important to ensure you can cover that amount in case of a claim.
6. Has My Coverage Amount Kept Up With Inflation?
If your policy’s coverage limits haven’t been adjusted for inflation, you could face higher out-of-pocket costs after a claim. Ask your insurer if your policy has been updated to account for inflation.
7. Are There Any New Coverage Options I Should Consider?
Insurance companies regularly introduce new options or policy enhancements. For example, some insurers now offer protection against identity theft or home-sharing liability if you rent out your home.
8. How Will My Premium Be Affected This Year?
Premium changes aren’t always explained upfront, but it’s worth understanding why your rate is higher or lower than last year. Ask your insurer what factors influenced the change.
9. Can I Bundle My Policies for More Savings?
If you have auto, boat, or life insurance, you might be able to bundle these policies with your home insurance to receive a multi-policy discount. Ask your insurer if bundling is an option!
Take Control of Your Home Insurance Renewal
Renewing your home insurance is an opportunity to protect your investment, update your coverage, and potentially reduce costs.
Contact Fargo Moorhead Insurance today to get answers to these questions and more!