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When Was the Last Time You Looked at Your Home Insurance Policy?

Let’s face it—home insurance isn’t exactly dinner table conversation. Most people glance at their renewal once a year, shrug, and tuck it away in a drawer. But if you haven’t reviewed your coverage in a while, you could be overlooking major gaps, outdated information, or missed opportunities to save.

In this post, we’re going to answer questions like:


  • What is a home insurance review?

  • How often should I review my home insurance policy?

  • Why should you review your insurance coverage every few years?

  • And when should you update your home insurance?


At the Overmyer Insurance Agency, we specialize in helping homeowners in this range protect what is likely their biggest investment.




When Was The Last Time You Took A Look At Your Homeowners Insurance Coverage?

What Is a Home Insurance Review?


A home insurance review is exactly what it sounds like—an intentional review of your homeowners insurance policy to make sure it still fits your needs. This includes checking your dwelling coverage, personal property limits, liability protection, endorsements, deductibles, and even your premium.


Life changes, construction costs rise, and insurance companies regularly adjust pricing and coverage language. A review is your chance to stay ahead of the curve instead of being caught off guard when something happens.


How Often Should I Review My Home Insurance Policy?


Ideally, once a year. But if you haven’t reviewed your policy in the past few years, now is the time.


Why? Because inflation, labor shortages, and supply chain issues have caused the cost of rebuilding homes to skyrocket. That $650,000 home you bought in 2018 might cost over $800,000 to rebuild today. If your policy hasn’t been adjusted accordingly, you could be underinsured—and footing a big bill out of pocket in the event of a total loss.


Why Should You Review Your Insurance Coverage Every Few Years?


Here are three major reasons why reviewing your insurance every few years is not just smart—it’s necessary:


1. Rising Construction Costs: We’re not talking about minor increases here. Between 2020 and today, building materials and labor have jumped significantly. If your coverage is based on outdated cost estimates, your policy might not fully cover a rebuild.

2. Life Changes and Home Updates: Did you renovate your kitchen? Finish your basement? Add a pool or build a new deck? These upgrades may increase your home's replacement value or liability exposure—and they need to be reflected in your policy.

3. Better Options May Be Available: If your current insurer hasn’t proactively updated your policy or adjusted your premium, you might be overpaying. As an independent agency, we shop around every year to make sure our clients are still getting competitive rates and comprehensive coverage.


How Often Should I Update My Home Insurance?


Whenever you experience a major life or property change, it’s worth checking in. This includes:

  • Renovations or additions

  • A change in who lives in the home (new spouse, tenant, etc.)

  • Purchasing high-value personal items (jewelry, art, electronics)

  • Retiring or starting a home-based business

  • Installing smart home systems or security features

It doesn’t mean your premium will automatically go up—sometimes making changes can help you qualify for additional discounts.


Signs You’re Overdue for a Policy Review


Here are a few red flags that it's time to pull out that dusty policy:


  • You haven’t spoken to your insurance agent since you closed on the house

  • You don’t know what your current dwelling limit is

  • You’ve made major improvements but never told your insurer

  • Your premium has gone up, but no one explained why

  • You’re with a company that only sells their own policies and doesn’t compare other options


The Real-World Risks of Outdated Coverage


Imagine your $700,000 home suffers major fire damage. You file a claim and find out your dwelling coverage is capped at $575,000. That’s a $125,000 gap you’ll need to cover on your own—all because your policy didn’t keep up with today’s rebuilding costs.

Or maybe you updated your home with a high-end kitchen and luxury flooring, but your policy only reimburses for builder-grade materials. Again, you’re left paying the difference.

These are the kinds of things we help prevent every day at OIA.


Why Work with an Independent Insurance Agency Like OIA?


As an independent agency, we don’t work for just one insurance company—we work for you.

We have access to dozens of top-rated carriers, and we do the comparison shopping for you. More than that, we take the time to understand your unique situation. Whether your home is in Cranford, Westfield, Summit, or anywhere else in New Jersey, we offer personalized service and professional guidance.

We help you:

  • Understand your current policy

  • Compare competitive options

  • Make updates as your life and home evolve

  • Save time, money, and headaches


Don’t Wait for a Claim to Find Out You’re Underinsured


Your home is your most valuable asset. It deserves protection that evolves with you. A quick policy review today could prevent financial stress tomorrow.


So… how often should you review your home insurance policy? At least once a year, and always after a big life or home change. If it's been a while, let's talk.


Need a Fresh Set of Eyes on Your Policy? We Can Help.


At OIA, we specialize in working with homeowners who want clarity, confidence, and better coverage. Whether you bought your policy five years ago or just feel unsure about what you have, we’ll walk you through it.

Call or click anytime:

📞 908-476-8685

🌐 Contact Us



We’re here to help you protect your home, your investment, and your peace of mind.


- Your Indie Agent, Adam


 
 
 

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