41% of Homeowners Haven't Reviewed Their Homeowners Insurance in Over a Year. Have You?

When Was the Last Time You Reviewed Your Homeowners Insurance?

When was the last time you actually looked at your homeowners insurance policy?

According to a Harris Poll conducted in June, 41% of people with homeowners insurance said they hadn’t made any changes to their policy in more than a year. Another 20% said they hadn’t touched their policy since the day they bought it.

And it doesn’t appear insurance companies are always prompting homeowners to take another look:

• 56% of policyholders say their insurance provider hasn’t checked in about their coverage in more than a year

• 21% say that kind of check-in has never happened

• 88% say they’d want their provider to let them know when their coverage no longer fits their life

Insurance companies aren't required to call and ask whether your coverage still fits your home, and most homeowners aren't pulling out their policy unless something forces them to. Life gets busy.

So consider this my friendly annual reminder to give yours a look.

Because your home, belongings and circumstances can change quite a bit while your insurance policy stays exactly the same.

The Coverage You Think You Have vs. the Coverage You Actually Have

The Hanover Insurance Group's 2025 Homeowners Coverage Awareness Report, based on a Harris Poll of homeowners age 30 and older, found a significant difference between the coverage people know about and the coverage they actually have.

Here’s what that looks like for three common types of coverage:

• Umbrella coverage: 83% have heard of it, but only 39% have discussed it with an agent.

• Valuables coverage: 87% know it exists, but only 26% carry it.

• Cyber coverage: 46% know it’s an option, but only 7% have it.

Knowing a type of coverage exists isn't the same as knowing whether you need it or whether your current policy includes it.

The Hanover report also found that 66% of homeowners said they'd want to add umbrella coverage once someone explained what it does.

That points to a knowledge gap. Homeowners may not realize certain coverage applies to them until someone walks them through it.

What Happens When Your Coverage Falls Short

The Harris Poll survey found that one in three homeowners who filed a claim said their coverage fell short of what they needed.

Among those homeowners, 14% said none of their claim was covered.

There’s no convenient time to discover something like that, but it’s especially stressful after a pipe bursts or a storm damages your roof and you find out the policy you've been paying for doesn't cover the repair the way you expected.

The same survey found that 67% of policyholders said covering an unexpected $1,000 expense would be difficult for their household.

A coverage shortfall can mean coming up with money you weren't expecting to spend at exactly the moment you need it most.

A Five-Minute Insurance Check You Can Do This Week

A policy review doesn't have to turn into a research project. Pull up your current homeowners insurance policy and check these four things:

1. Your dwelling coverage limit. Does it reflect approximately what it would cost to rebuild your home today, rather than what you paid for the property?

2. Your endorsements. Look for additional coverage for things such as jewelry, art, water backup or other valuables and risks.

3. The last time your policy was reviewed. Has it been a year? Several years? Since you bought the house?

4. What's changed since then. Think about renovations, a new roof, a home office, expensive purchases or other significant changes to your home or household.

If something raises a question you can't answer, that's a good reason to call your insurance agent and ask.

The goal isn't necessarily to buy more insurance. It's to understand what you have and make sure it still makes sense for you.

Five Minutes Now Beats a Bad Surprise Later

None of this means there's something wrong with your current policy. But your coverage was based on your home and circumstances at a particular point in time, and those things change.

Construction costs change. You improve your home. You buy things. Your financial situation evolves.

Your insurance coverage may need to evolve with them.

A five-minute review now costs you nothing. Finding out your coverage isn't what you expected after a loss can cost you money and a whole lot of unnecessary stress.

Take a few minutes this month to pull up your policy and see where you stand. And if you haven't reviewed it in a while, this is your reminder to put it on the list.