Review Current Policy
1-2 hoursPull your declarations page and verify dwelling coverage, personal property limits, liability, deductibles, and exclusions.
Intermediate2-4 hours
Home Insurance Review Guide
Home insurance review guide for evaluating dwelling coverage, liability limits, deductibles, replacement cost vs actual cash value, and annual policy comparisons.
homeownersnew home buyerspolicy renewal reviewers
Workflow
Assess Coverage Gaps
1-2 hoursIdentify gaps in replacement cost coverage, personal property limits, liability protection, and special endorsements needed.
Compare New Quotes
1-2 daysGet quotes from at least 3 insurers at renewal, comparing identical coverage levels for apples-to-apples comparison.
Optimize Deductible
30-60 minutesBalance premium savings from higher deductibles against your emergency fund capacity and local claim frequency.
Update and Document
1-2 hoursApply changes, document home inventory with photos/video, and store policy documents securely.
Tools Used
- Home Insurance Quote WorksheetPrimary
Review current coverage limits against rebuild and replacement costs. · Identify underinsured areas and recommended coverage increases. · Compare quotes across carriers at identical coverage levels. · Model premium savings at different deductible levels.
- Budget CalculatorSupportingReference
Assess current premium as percentage of housing budget. · Update housing budget with new premium amount.
- Property Tax CalculatorReference
Cross-reference property value with insurance dwelling limits.
- Emergency Fund CalculatorSupporting
Ensure emergency fund covers chosen deductible amount.
Checklist
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Review
Coverage
Shopping
Documentation
Optimization
Reference Materials
Homeowners Coverage Types (HO Forms)Table
Standard homeowners policy forms and what they cover.
| Form | Name | Coverage Scope | Typical Use |
|---|---|---|---|
| HO-3 | Special Form | Open perils dwelling, named perils contents | Most common single-family |
| HO-4 | Contents Broad | Renters — contents only | Apartment renters |
| HO-5 | Comprehensive | Open perils dwelling and contents | High-value homes |
| HO-6 | Condo | Unit interior + personal property | Condo owners |
Replacement Cost vs Actual Cash ValueStandard
Replacement cost pays to rebuild/replace at current prices. Actual cash value deducts depreciation — can leave you significantly underinsured after a claim.
Insure to Rebuild, Not Market Value
Market value includes land — your dwelling coverage should match contractor rebuild estimates, which may differ from Zillow price.
Flood Is Not Covered
Standard homeowners policies exclude flood damage. FEMA maps show risk — 20% of flood claims occur outside high-risk zones.
Bundle for Savings
Combining home and auto with one carrier typically saves 15-25% on combined premiums vs separate policies.
Review After Renovations
Kitchen remodels and additions increase rebuild cost — update dwelling coverage within 30 days of completion to avoid coinsurance penalties.
Safety Notes
- Maintain smoke detectors, CO alarms, and fire extinguishers — many insurers offer discounts and they prevent catastrophic losses.
- Understand vacancy clauses — homes unoccupied 30-60+ days may have coverage voided unless you notify the insurer.