Insurance renewal review checklist

1. The premium itself

• Compare the renewal premium with what you paid last yearFind the figure, not the monthly instalment. A rise with no change in cover is worth a question.
• Ask why it movedA rate filing across the whole state, a claim, a credit or territory change, or a lost discount are different answers.
• Check the billing and any instalment feesPaying in full, or by direct debit, is often cheaper than monthly instalments.

2. The building and what is in it

• Check the dwelling or replacement cost figure still matches what a rebuild costsRebuild cost is not market value and not what you paid. Labour and materials have moved; the policy figure may not have.
• Ask whether extended replacement cost or inflation guard is on the policyIt adds a margin above the dwelling figure if a rebuild comes in over the estimate.
• Re-check the contents limit against what you actually own nowContents are usually set as a percentage of the dwelling figure, not from your own list.
• Re-check scheduled itemsJewellery, watches, art, instruments, bikes and collections. Standard contents limits for these categories are low, and valuations drift.
• Check cover for other structures and anything you have added outsideFence, shed, detached garage, deck, pool, solar panels.
• Check the loss-of-use or additional living expense amountThis pays for somewhere to live while the house is repaired. Ask how long it lasts, not just how much.

3. Deductibles

• Confirm each deductible and that you could pay it tomorrowA deductible you cannot cover turns a covered loss into an uncovered one.
• Check for separate wind, hail, hurricane or earthquake deductiblesThese are often a percentage of the dwelling figure rather than a flat sum, so they rise when the dwelling figure does.
• Ask what a higher or lower deductible would do to the premiumAsk for the figure both ways so you can see what the saving actually buys.

4. Liability

• Check the liability limits still match what you have to loseLiability is judged against your assets and future income, not your property value.
• Ask what an umbrella policy would cost on topUmbrella limits sit above home and auto. It is usually the cheapest cover per dollar of limit on the policy.
• On auto, check uninsured and underinsured motorist limitsThese pay you when the other driver cannot. They are often set lower than your own liability limits.
• Flag anything that raises your liabilityPool, trampoline, dog, short-term letting, rental property, board or committee seats, hosting events.

5. What changed this year

A carrier prices on what it has on file. Anything on this list that has changed and not been reported is either a discount you are not getting or a dispute waiting at claim time.

• New roof, windows, wiring, plumbing or heatingA roof or system replacement is one of the larger home discounts, and it needs a date and a receipt.
• Alarm, monitored security, smoke or water-leak sensors, deadboltsMonitored systems usually discount more than unmonitored ones.
• Renovation, extension or finished basementSquare footage and finish quality both feed the rebuild figure.
• A teen driver, or a driver who has left the householdReport both directions. A driver who has moved out and stayed on the policy is money for nothing.
• Vehicles bought, sold, or now driven differentlyA commute that became working from home, a car now used for delivery, annual mileage well off the figure on file.
• A business run from home, or any paid work from the addressHome policies exclude most business activity. Stock, equipment and visitors to the property are the usual gaps.
• Marriage, a new household member, retirement, a move, a new jobThese change both the rating and, often, which discounts you qualify for.

6. Discounts to ask about by name

• Bundling home and auto with one carrierAsk for the bundled and unbundled figures separately. Bundled is not automatically cheaper.
• Any discount added since you last renewedCarriers add and retire discounts every year. Yours are applied from what was true when the policy was written.
• Telematics, low mileage, paperless, autopay, claim-free, loyalty, professional or alumni schemesAsk what each one is worth before agreeing to anything that tracks your driving.

7. Gaps and overlaps

• Check nothing has lapsedFlood, earthquake, umbrella and scheduled items often sit on separate policies with their own renewal dates.
• Check you are not paying twice for the same thingRoadside cover through a card or club, phone insurance, rental car cover, credit monitoring, extended warranties.
• Ask directly what is NOT coveredFlood, surface water, sewer backup, earth movement, mould, wear and tear, home business, roof by age or material. Get the answer per policy, in writing.
• Check whether each part settles at replacement cost or actual cash valueActual cash value deducts depreciation. Roofs and contents are where this most often changes the payout.

8. Before you sign

• Read the declarations page and check every fact on itAddress, square footage, roof year, drivers, vehicles, mileage, named insureds, mortgagee.
• Get a comparison from an independent agency that can quote several carriersA captive agent quotes one carrier. An independent one can tell you whether your renewal is competitive.
• Note the renewal date and set a reminder six weeks outShopping under deadline pressure is how a renewal gets signed unread.
• Keep a copy of the new policy and the old oneThe two side by side are the only reliable record of what changed.