Florida Homeowners Insurance Term: What Is A Renewal?

The home insurance company from which you have bought your insurance cover sends a Home owner's insurance renewal letter annually to remind you that your Insurance cover is up for renewing. The insurance company sends you renewal letter even if your mortgage company pays the monthly insurance premium amount. A Home owner's insurance renewal letter provides you with updates about your insurance policy with regards to your current coverage limit, deductibles, exclusions and your monthly premium amount. Whenever you receive your home owner's insurance renewal statement, it is advisable to review the letter to make sure that you get the best deal:

Better results for a homeowners insurance renewal:

  • Check your personal facts:
  • Check your Personal Liability Coverage:
  • Check the Special Limits:

A personal fact check up will absolutely be essential to check the personal particulars in the renewal letter including your name, address, insurance amount and description of the insured property. Ensure that all the details are entered correctly. If you find any details incorrect, immediately report the same to the insurance provider.

Correct personal liability coverage is essential to pay for the damages you cause to others property. The coverage also covers the legal expenses if a law-suit is filed against you. If you have less than $100,000 personal liability coverage, consider raising the coverage amount. You can also consider taking umbrella liability coverage.

All insurance policies have limits to coverage of certain things such as cameras, jewelry, computers, silverware and gold. If you want to increase the limits of coverage to such items up to a few more dollars, the best time to do it is when you receive renewal letter from your insurance provider.

Your Florida homeowners insurance provider may offer you a different quote in your renewal letter that is drastically different from your insurance cover. You must check for any difference before renewing your insurance contract. During renewal of the insurance contract, some insurance providers may grant you an additional bonus if you haven't filed a claim.

If you are not satisfied with the services of your current insurance provider and do not wish to renew your insurance policy with the same insurer, then you must get in touch with the insurance provider when they send you the renewal letter. If you ignore them or refuse to contact them, your insurance policy is subject to automatic renewal. If you find a better deal from another insurance provider, you must instruct your current insurance provider to cancel the renewal of your insurance policy, before you buy the new insurance policy.

  1. You must check for the following Florida homeowners insurance renewal terms: