It’s 2023! Should you review your homeowners’ policy?

Read these three MUST KNOWS to find out if now is the time to re-look at your home insurance.


I get it.  Shopping for home insurance is not a lot of fun.  I don’t like siphoning through all the legalese in my home insurance policy either, but not having the right coverage should you ever need it could be very costly, so reviewing your homeowner’s insurance periodically to make sure it’s still a good fit, is a good idea.

In 2023, here are the top 3 considerations, I recommend you look at to assess if you have the right coverage


Have housing costs in your area risen significantly recently?

The whole idea of homeowners insurance is that it’s supposed to help pay for a total rebuild of your home if necessary, so you don’t have to pay for this on your own. But the cost of rebuilding or even repairing a home can change due to several factors.

Inflation drives up the cost of everything over time, as we’ve all seen in 2022. Supply chain issues, like we saw during the pandemic, can affect the availability of building materials, and when demand exceeds supply like that, manufacturers raise their prices.

Costs may also increase in areas prone to natural disasters. In areas that experience flooding or hurricanes, or excessive hail, entire neighborhoods may have to call on their homeowners’ insurance at once, putting a huge strain on builders and repair companies in the area.

So, what once may have been an adequate level of homeowners insurance may no longer be enough due to one or more of the factors discussed above.  You may not need to take your business elsewhere if you like your insurer. But you might want to think about upping your policy limits.


You’ve added onto or remodeled the home

Adding onto a home or remodeling it can affect how much it would cost to rebuild it with similar fixtures. As a result, homeowners will need more insurance coverage to make sure they’re protected against a total loss.

It’s wise to increase policy limits during or soon after a remodel or addition to ensure the home is properly always protected. Homeowners who aren’t sure how much to increase their limits by could reach out to their insurance agent to help.  A local builder may also be able to advise a homeowner on how much it would cost to replace the home as it currently stands.


You think you could get a better rate elsewhere

Homeowners insurance companies all look at the same information when deciding how much to charge a homeowner for coverage. But each company has its own formula for weighing risk. Some companies might charge homes in certain ZIP codes more than other companies. Others might charge a much higher rate to homes with pools due to the liability risk these bring.

The only way to know what a company will charge to insure a specific home is to get quotes.

It’s not a bad idea to get some homeowners insurance quotes every year or two just to see how they stack up to the homeowner’s current premiums. If your current insurer is still cheaper, there’s nothing more to be done. But if another company offers a better rate, the move could free up some extra cash every month while still offering strong protection for the home.

Looking for new homeowners’ insurance doesn’t have to take a lot of time.  You can do your own research and pick out a few companies to get quotes from and then set aside some time to make a few calls or get quotes online. Even easier is to call an insurance broker.  Insurance brokers have relationships with multiple insurance carriers and therefore can do the shopping for you.  After a quick discussion of what you want in terms of coverage and policy limits, the insurance broker can easily and quickly get multiple quotes for you, usually for free, and you can compare the policies side by side to see which offers the best deal for you.  If you’d like NDI to check our 30+ carriers to see which policy is best for you, click here.


Wishing you a safe, happy and healthy new year as we head into 2023.




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