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When your insurance policy comes up for annual renewal, do you take the time to review your coverage? A review could result in peace of mind knowing that your coverage is sufficient to meet all your needs. Primary items for review should include:

Coverage Limits: A typical homeowners policy will have coverage limits for each category, the maximum amount an insurer will pay out on each category of risk in case of loss.

Building/Dwelling: This category covers the main structure itself, the walls, roof, doors, windows, kitchen. The structure is covered, not the land. Make sure that the current building/dwelling coverage is enough to pay to rebuild your home in case it is destroyed. Document upgrades, improvements and extras when determining value.

Personal Property Coverage: Your insurance also covers personal property (clothing, computers, furniture) which may cost more than you think to replace. Make sure you have sufficient coverage. Special items (coins, jewelry, paintings) may need to be reviewed and insured separately.

Liability Protection: Insurance typically covers you if you get sued for a dog bite or injury on your property. Typical coverage is $100,000 or $300,000 which should be enough if your net worth is within that amount. If you have significant net worth, consider raising this limit.

Deductibles: When you have a loss you are required to pay for the first few hundred or thousand dollars of a claim yourself. This first dollar amount is called your deductible. To lower your premium, you can raise your deductible, but you will pay more out of pocket on a loss.

Additional Coverage: A typical homeowners policy does not cover perils like earthquakes, floods, business activities, and other specialty occurrences. However, there is usually separate coverage for these perils.

To get the best from your homeowners insurance, review your policy once a year and to make sure you are properly covered. Losses are stressful, but if you have proper coverage then you will have peace of mind knowing your coverage will come through in a time of loss.