There’s probably so much going on in your head with day-to-day life that home insurance isn’t on top of your mind. You may assume that you can buy one homeowner’s policy and that will suffice for decades to come, or at least until you sell your home and buy a new one.
But that’s not the case. Any time you make changes to your home or move members in or out, your homeowner insurance policy needs to reflect that change. Otherwise, your coverage may be inadequate or worse a claim might not even be covered. What are some typical situations in which you need to update your home insurance policy? Keep reading to find out.
- Home Renovations
This is a given, but any time you increase the square footage of your home, renovate, or update, you should inform your insurance agent of the change. This usually affects the value of your home as well as changes the probability of loss, i.e., a new roof means you are less likely to have inside water damage. Some changes can even mean you need a different type of coverage.
- New Pets or Family Members
Whenever you bring a new dog or any animal friends into the family, or if your children move in or out, you should speak to your insurance agent about this change as well. This is because some policies cover dog bites and also your policy covers every member of your family that resides in the house.
- Adding a New Alarm System
Have you added any security features to your home recently, perhaps by adding a new alarm system or installing deadbolt locks ? Or maybe you have set up lights so your front yard and backyard are never in the dark at night?
Whatever the case might be, these actions could result in lower premiums for you, so you will want to contact your insurance agent and let them know.
- Starting a Home Business
A lot of folks miss this point when setting up their homeowner insurance. If you are planning to start a home business that will include bringing in equipment or merchandise and storing it in your garage or home, you will want your policy to reflect this change and protect you appropriately.
Even if you have business property insurance or some other coverage, it’s important to upgrade your home insurance to protect you in this regard as well.
Home Insurance – Don’t Get Apathetic About It
Just like you have to work at things around the house to keep everything in good shape, you should also keep your home insurance coverages in shape!
Not sure if your current situation requires an update to your policy? Contact Tom Needham Insurance Agency today and we will be able to give you advice regarding this. If you don’t have insurance coverage at all, then we can help you with that as well.