Rising inflation, reconstruction costs, and labor expenses are just a few factors that influence your annual home insurance premium. With so many variables at play, reviewing your policy annually ensures you have appropriate protection at a competitive rate.
Mapfre Insurance provides a policy renewal notice and a declaration page each year, which is also available through your Mapfre account. This document summarizes your policy, including coverage details, deductibles, and current discounts. Review the declaration page to confirm the information is accurate and your coverage still fits your needs.
More coverage typically means a higher premium, and selecting a lower deductible often results in a higher rate. Aim for enough coverage to protect your home and budget. An independent agent can help you identify gaps and suggest ways to adjust your deductibles or limits if needed.
The Insurance Information Institute also recommends reassessing your home insurance following significant life-changing events, such as major renovations or changes in household occupancy, as these may affect your coverage needs.
Life-changing events
Various circumstances throughout a renewal term can be considered life-changing events. These events may lower your premium but require you to add more coverage, raising your cost. Some of these events include:
- Moving to a new home (this requires a new policy).
- Renting out a portion of your home.
- Changes in family size include getting married, divorced, having a child, or having an adult child move in or out. (These changes impact your personal property and liability coverage.)
- Adding a pet (which may increase the risk of injury to others).
Acquiring valuable items like electronics, jewelry, and artwork. With Mapfre, this may require the Valuable Possessions Coverage endorsement for items typically not covered under your standard homeowner’s policy.
Major improvements to your home
Homeowners who make improvements but don’t inform their insurer may risk being underinsured. The following enhancements can increase a home’s replacement cost while requiring increased dwelling coverage:
- Home additions
- Remodeling a room (like a kitchen or bathroom)
- Finishing a basement
- Enclosing a porch
Things outside your home but on your property that you may add or improve also require additional coverage. These things include:
- Pool
- Hot tub
- Garage
- Shed
- Fence
- Gazebo
- Driveway
- Trampoline, swing set
When safety updates are made
There are things you can do to protect your home that can help lower your annual home insurance premium. Among those things:
- Upgrading your electrical or plumbing system.
- Installing a water leak monitoring system.
- Installing fire alarms and carbon monoxide detectors.
- Installing security systems like ADT.
If you’re looking to lower the costs of what you pay for your home insurance, most insurers like Mapfre offer discounts if you buy at least two kinds of policies from them, typically called “bundling.” For example, if you bundle your home and auto insurance, you could qualify for a reduced rate.
While discounts vary from state to state, other discounts you could qualify for with Mapfre are:
- Good Roof Condition
- Protective Device Discount
Homeowners insured with Mapfre can protect their family and property with exclusive security packages from SafeStreets, an ADT-authorized provider while saving on homeowners insurance. SafeStreets offers professionally monitored smart home security for intrusion, fire, flood, and carbon monoxide through our partnership.
If you’re unsure about what your home insurance policy covers or want to add more protection, ask your independent agent to review your policy. They will make sure you have coverage that matches your needs. If you don’t have Mapfre home insurance, contact an independent insurance agent in your state or get a fast, free online quote today.
