Over 40% of Homeowners Haven’t Reviewed Their Insurance Policy in a Year—but Is Now the Right Time To Audit?

Your homeowners insurance policy probably renews every year without much fanfare. You get an email, your premium may go up, and unless something looks wildly different, you move on.But your coverage may not be keeping up as your policy renews (if your policy renews at all).A new VIU by HUB survey found that 41% of home and auto policyholders haven't changed their coverage in more than a year. Another 20% haven't made a change since purchasing their policy.That might not seem like a big deal … until you need to file a claim. Among policyholders who had filed one, one in three said their coverage fell short of expectations. Fourteen percent said none of their claim was covered.So, if it's been a while since you've looked beyond the premium on your renewal notice, now may be a good time to see what you're actually paying for.Your policy can look fine and still have dangerous gapsOne reason homeowners insurance is easy to “set and forget” is that coverage limits may automatically increase over time.“Most modern policies have an inflation guard that increases coverage—typically 4% to 8% per year—to account for the rising coverage necessary to keep up,” says William Lemmon, a licensed in...