When's the Last Time You Actually Looked at Your Homeowners Insurance?
Be honest. Do you know what your policy covers, or do you just know you have one?
If it's been a while since you opened that file, you're in good company. A recent Harris Poll found that 41% of homeowners haven't made a single change to their coverage in over a year, and another 20% haven't touched it since the day they bought the house. Your insurance company probably isn't calling to check in either: 56% of policyholders say their provider hasn't reached out about their coverage in over a year, and 21% say it's never happened at all.
So here's your reminder, Nashville. Not from your insurance company. From us.
The gap between what you think you're covered for and what you're actually covered for
The Hanover Insurance Group dug into this with homeowners 30 and up, and the results explain a lot. People generally know these coverages exist. They just don't have them.
Umbrella coverage: 83% have heard of it. Only 39% have actually talked to an agent about it.
Valuables coverage: 87% know it's a thing. Only 26% carry it.
Cyber coverage: 46% know it's an option. Only 7% have it.
That's not homeowners being careless. It's a knowledge gap. Once someone actually explains what umbrella coverage does, 66% of people say they'd want to add it. Nobody's skipping coverage on purpose. They just haven't had someone walk them through it, which, if we're being honest, is kind of on the insurance industry.
What happens when that gap catches up with you
This is the part that stings. One in three homeowners who filed a claim said their coverage didn't cover what they actually needed. Within that group, 14% said none of their claim was covered. None.
That's a rough call to get after a storm rips off part of your roof or a pipe bursts in your kitchen. You've been paying into this policy for years, and suddenly you find out it doesn't cover the thing it was supposed to cover. And with 67% of policyholders saying a surprise $1,000 expense would be hard on their household, a coverage gap isn't just annoying. It's money you probably don't have, showing up exactly when you need it least.
A five-minute check you can do this week, we promise
You don't need to become an insurance expert. Pull up your policy and check four things:
Your dwelling coverage limit. Does it reflect what it would actually cost to rebuild your home today, not what you paid for it back in whatever year you closed?
Any named endorsements. Jewelry, art, water backup, anything you added on.
The date it was last reviewed. If you can't remember, that's your answer.
What's changed since then. New roof, a renovation, a home office, a big purchase. Nashville homes especially don't sit still for long.
If any of those leave you shrugging, that's your cue to call your agent, not after something happens, but now, while it's still boring and low stakes.
Five minutes now beats a bad surprise later
None of this means your policy is wrong or that anyone did anything wrong when you signed it. Coverage gets built around the home and the life you had at the time, and both of those change more than most policies ever get updated to reflect.
The homeowners who found out the hard way that their coverage fell short didn't do anything unusual. They just hadn't looked in a while. Same as most people.
A five-minute check costs you nothing. Finding out you're underinsured after a loss costs you money and a whole lot of stress you don't need, especially in a city where home values (and rebuild costs) have moved as fast as ours have.
So this week, before life gets busy again: pull up the policy. Take the five minutes. We'll still be here if you have questions about how your home's value has changed since you bought it, that part we're happy to help with.
Sources: InsuranceBusiness, Hanover
