June 16, 2024

Signs That It’s Time to Change Renters Insurance Policies

Why You Should Review Your Renters Insurance Policy Regularly

Many first-time renters may purchase a renters insurance policy and then never look at it again. A simple renters insurance policy shouldn’t change that much, should it? Unfortunately, there can be changes both to your policy and in your life that may mean a need to review your policy.

Buying More Personal Belongings

A large part of a renters insurance policy is personal belongings coverage, which provides compensation if your personal items are lost or damaged due to various incidents. When you first purchase a policy, you estimate the value of the belongings you wish to insure to avoid coverage gaps when filing a claim.

As you accumulate more belongings over time, update your policy to reflect changes in the value of your belongings. If you make significant purchases, ensure your renters insurance covers these items. Getting engaged may require additional coverage for expensive items like an engagement ring.

Pet Ownership Changes

Pets can be covered under your renters insurance liability policy for property damage or bodily injury. Update your policy if your pet situation changes, such as losing or adopting a pet, as this can affect your insurance needs and rates.

Be aware of limitations and exclusions for certain breeds under renters insurance coverage to understand if your pet is covered.

Location Changes

Notify your insurer when moving to ensure your renters insurance policy follows you to a new area that the insurer services. Changes in crime rate, weather patterns, and proximity to a fire station in the new area can impact your insurance needs and rates.

Factors like a higher crime rate or moving closer to a fire station can influence your premiums.

You’re Paying too Much

If you notice your renters insurance premiums increasing without a clear reason, explore possible discounts or compare quotes from other providers in your area for potential savings.

You’re Not Happy With Your Policy

If you are unhappy with your renters insurance policy for any reason, discuss your concerns with your insurance agent. Consider policy floaters for additional coverage and higher limits for specific items and incidents.

Review your renters insurance policy every six to twelve months to ensure it meets your needs and ask questions to optimize your coverage.


How often should I review my renters insurance policy?

It is recommended to review your renters insurance policy every six to twelve months or whenever you experience significant life changes.


Regularly reviewing your renters insurance policy is crucial to ensure it adequately covers your belongings, pet ownership, location changes, and evolving needs. Stay informed about policy updates, coverage limitations, and potential savings to make the most of your renters insurance.

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