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How Often Should I Review My Policy?

Many consumers who carry renters insurance policies wonder how often they should review their coverage. While there is no hard and fast scientific answer to this question, a good rule of thumb is to review your policy as often as you possibly can in order to make sure it stays relevant to your current needs. This does not mean policy holders need to carry their policies around with them all the time and read them over every day. But it is a good idea to take a look at your terms every six months, or at least every time your current plan is set to expire and a new coverage period is about to begin.

Make Sure Coverage is Sufficient

Rather than simply allowing your coverage to roll over and renewing your plan as is, take a little bit of time to go over the specifics of your policy and just make sure you are still carrying sufficient coverage to take care of you in the event of a major claim. A lot can change over the period of six months or a year. Just in terms of personal property ownership, you may accumulate things that call for extra or separate coverage.

For example, in a renters policy you can get separate endorsements for valuables such as jewelry or firearms. If you have made a significant addition to your gun collection, or inherited or been given a new piece of jewelry, you will need to update that portion of your policy. Even if you just replaced your flat screen television or bought a new computer during the course of the previous policy period, it is a good idea to sit down and take a look at your policy limits and examine them against what you own. To a lesser extent, you also need to look over the liability portion of your policy.

Keep Policy Up to Date

The value of this plan does not hinge on your property the way the other part does, but you may choose to increase it if you find that your total net worth has gone up significantly. Lawyers sometimes base the asking prices of plaintiffs in civil liability cases on the defendants' ability to pay. So if you have made some money over the past six months to a year, it will not hurt to ratchet up your liability protection a bit. Doing an annual or biannual policy review is a good idea because it helps ensure that your policy is up to date and reflective of your current needs if a major claim situation arises. The purpose for renters insurance is to protect you as a covered policy holder. If your plan does not even fully accomplish that goal, there is little use in paying the premium.

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