When to Re-shop Your Home and Auto Insurance Renewal

Understanding the Need to Re-shop Insurance

As life changes, so do your insurance needs. Re-shopping your home, auto, and umbrella insurance renewals is about ensuring your coverage remains aligned with your lifestyle and assets. In Chicago, where factors like urban living and weather variations play a role, periodic reviews of your policies are essential.

Key Times to Consider Re-Shopping

1. Life Events: Purchasing a new home or car, getting married, or having a child can significantly change your insurance needs. These milestones are important times to reassess your coverage.

2. Rate Increases: If you notice a significant increase in your premiums, it may be time to explore other options. However, if the increase is minimal—say just 5-10%—you might choose to stay with your current provider, especially if they offer excellent coverage and service. Small increases may not justify the effort and potential disruption of changing insurers.

3. Improved Credit Scores: If your credit score has improved, you might qualify for better rates on both home and auto insurance.

4. Home Additions or Improvements: Major renovations or additions can increase your home's value, necessitating a policy update. This applies to big-ticket personal property purchases as well (new watch, art, furniture, etc). 

Chicago-Specific Considerations for Your Home and Auto Insurance

Living in a bustling city like Chicago means dealing with specific factors impacting your insurance. For home insurance, weather-related risks such as snow and flooding, and for auto insurance, increased traffic accidents can affect coverage needs and costs. Make sure your policies adequately address these urban risks.

How to Approach Re-Shopping

Start by comparing quotes from multiple insurers to find competitive rates. An independent insurance agent can assist with personalized advice. Look for coverage that fits your budget while ensuring comprehensive protection against common risks in Chicago.

Final Thoughts

Re-shopping your home and auto insurance renewal doesn’t have to be a daunting task and isn't always necessary. By understanding the right times to reassess your policies and considering specific factors relevant to city life, you can secure the best options for a more secure future.