For many homeowners, home insurance is something you set up once and then forget—until disaster strikes. But your home isn’t static. Life changes, property values shift, and coverage needs evolve. That’s why reviewing your home insurance policy every year is one of the smartest, most cost-effective steps you can take to protect your investment.
At Riverfront Insurance Partners, we work with homeowners across Covington and Northern Kentucky to ensure their policies are always up to date and providing the best protection possible. Here’s why an annual review is so important.
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1. Your Home’s Value Might Have Changed
Whether the housing market in your neighborhood is booming or you’ve made improvements to your property, the value of your home is likely different than it was a year ago.
Consider these examples:
- Added a new deck or finished your basement? That adds to the rebuild cost.
- Renovated your kitchen or bathroom? The upgraded materials should be reflected in your coverage.
- Built a detached garage or installed a pool? Those structures may not be automatically included in your current policy.
If your home is underinsured, a major loss could leave you paying out of pocket for repairs. On the flip side, if you’re overinsured, you may be paying more than you need to. A review helps strike the right balance.
2. You May Be Missing Out on Discounts
Life changes can mean new savings. Reviewing your policy gives you the opportunity to uncover discounts you may now qualify for, such as:
- Home and auto bundling: Combine policies to save more.
- Security upgrades: Installing a monitored alarm system or smart locks.
- Non-smoking household: Some insurers offer lower rates for non-smokers.
- Loyalty or claims-free history: Rewards for staying with the same provider or maintaining a clean claims record.
When you check in with your agent yearly, they can run comparisons and find all applicable discounts. Our home insurance page outlines some of the key ways Riverfront Insurance Partners helps our clients save.
3. Your Personal Belongings May Have Increased in Value
A standard homeowners policy covers your personal belongings—but only up to a limit. If you’ve made any large purchases over the last year (such as furniture, electronics, appliances, or jewelry), you may need to update your personal property coverage.
You might also need to add a rider or scheduled personal property endorsement to ensure full coverage for high-value items like:
- Engagement rings
- Art or antiques
- Collectibles
- Firearms
Without reviewing your policy, these items might not be fully protected.
4. Life Changes Can Affect Coverage Needs
Life moves fast—and so should your insurance. Major life events may require you to change your coverage, including:
- Getting married or divorced
- A child moving out or in
- Renting out part of your home
- Starting a home-based business
Each of these situations could impact liability, coverage amounts, or even your eligibility for certain policy types.
5. Policy Terms and Rates Can Change
Even if nothing in your life has changed, your insurance provider might have changed your policy. Premiums, deductibles, coverage limits, and exclusions can all shift from year to year.
An annual review allows you to:
- Compare your current policy to last year’s
- Make adjustments to deductibles
- Ensure there are no surprise coverage gaps
- Understand any new limitations or changes in fine print
What Should You Look For During an Insurance Review?
Here’s a quick checklist to guide your annual review:
- Confirm your dwelling coverage matches the cost to rebuild your home
- Update your list of personal belongings
- Check for new discounts
- Review your deductible and premium amounts
- Verify liability coverage limits
- Ask about flood, earthquake, or sewer backup coverage if relevant
- Discuss any renovations or lifestyle changes with your agent
Your home is one of your most valuable investments—make sure it’s properly protected. A once-a-year review of your homeowners insurance is an easy way to ensure your coverage still fits your needs, maximizes savings, and gives you peace of mind.
If it’s been more than 12 months since your last review, now’s the perfect time to schedule one. Contact Riverfront Insurance Partners at 859-512-8325, visit riverfrontinsurancepartners.com, or stop by our Google Maps listing to speak with a local agent. We’re here to help make sure your policy always has your back.