Owning a home is one of life’s greatest investments—especially when that home is in Arkansas, "The Natural State." But when was the last time you reviewed your home insurance policy? While it may seem like a “set it and forget it” part of homeownership, your policy should evolve as your home and life change.
Here are the top five reasons why we at Boone Ritter Insurance believe reviewing your home insurance policy in Arkansas every year is essential to ensuring your home and assets are adequately protected.
1. Home Value and Market Changes
The value of your home can fluctuate due to market trends, inflation, or improvements you’ve made. In Northwest Arkansas, where real estate demand is rising, your home’s replacement cost may be higher than when you first purchased your policy. A policy review ensures your coverage reflects the current value of your home and can protect you against being underinsured in the event of a total loss.
Tip: During your review, ask your insurance agent to recalculate your home’s replacement cost and adjust your policy accordingly.
2. Coverage Gaps for Renovations or Additions
Have you remodeled your kitchen, added a deck, or installed a pool recently? Upgrades and additions can increase the value of your home and introduce new risks that might not be covered under your existing policy. For example, a newly installed pool might require liability coverage adjustments to ensure accidents are covered.
Why It Matters: If you’re in Cabot or Siloam Springs and have made significant changes to your home, a policy review can help close any coverage gaps and provide peace of mind.
3. Natural Disaster Risks in Arkansas
Arkansas is no stranger to natural disasters, from tornadoes to hailstorms. Cities like Springdale, Siloam Springs, and nearby Rogers often face these risks, and your insurance policy should be tailored to protect against them. Reviewing your policy annually helps ensure you have adequate protection for these weather-related events.
Example: If you’ve recently moved to Central Arkansas and your policy doesn’t include flood insurance, you may need to add it, especially if your home is in a flood-prone area.
4. Changes in Your Personal Life
Life events like getting married, having a baby, or retiring can impact your home insurance needs. You may also acquire valuable new belongings, like expensive electronics or jewelry, which require additional coverage.
Consider This: If you’ve recently purchased high-value items, a policy review can ensure you’re protected with a scheduled personal property endorsement.
5. Taking Advantage of New Discounts
Insurance providers frequently update their discounts and offerings. Reviewing your policy annually can help you uncover savings opportunities, such as bundling home and auto insurance, installing a security system, or upgrading to energy-efficient appliances.
Pro Tip: Ask your Boone Ritter Insurance agent about available discounts for homeowners in Arkansas. You might save money while improving your coverage.
When Should You Review Your Policy?
The best time to review your home insurance policy is during annual milestones, such as the start of a new year, or after significant life or property changes. Working with a local insurance provider like Boone Ritter Insurance ensures your policy aligns with the unique needs of Arkansas homeowners.
Protect Your Home with Confidence
An annual review of your home insurance policy isn’t just a good idea—it’s a necessity. By ensuring your policy reflects your home’s value, protects against local risks, and accounts for life changes, you can stay ahead of potential issues and avoid costly surprises.
At Boone Ritter Insurance, we specialize in helping homeowners in Greater Springdale, Siloam Springs, Cabot, and surrounding Arkansas communities protect their homes with tailored coverage. Contact us today to schedule your annual policy review and make sure you’re fully covered for the year ahead. Don’t wait—protect your home and peace of mind today!