Your homeowners insurance policy provides valuable coverage to your home and possessions. Given this, it is important to review the coverage from time to time to ensure that you are sufficiently insured. Here are 7 times when it’s smart to review your policy and update the coverage accordingly:
Home Remodeling
A major renovation can drastically increase the value of your home. So, if you’ve recently added a new bedroom or renovated your kitchen, you should consider informing your insurance provider. It’s possible that you may need to shell out more money for additional coverage after a renovation.
Big-Ticket Purchases
Given that your home insurance policy also covers the assets in your home, you should review your homeowners insurance policy if you’ve recently added an expensive purchase to your home.
Retirement
A number of home insurance providers offer discounts to retirees, given that retirees are likely to spend more of their time at home, which can, in turn, make the homeless prone to break-ins and damage.
Quitting Smoking
Smokers pose an added risk to homeowners insurance providers since there is a higher risk of fire damage. If you’ve recently quit smoking, you should consider informing your insurance provider and asking for a premium discount.
You’ve Increased the Security
If you’ve installed a new security system or taken other measures to make your home safer, make sure to let your insurance provider know. Doing this can reduce your home insurance premium.
You Have a New Dog
Most homeowners insurance policies cover damages caused by your pet to another person’s property or belongings or liability claims that arise from dog bites. However, you’ll need to confirm if your insurance offers this coverage. If the insurer doesn’t offer this coverage, be prepared for a slight increase in premium.
Adding Outdoor Entertainment
Be it a newly installed pool or a treehouse for your children, outdoor entertainment additions can increase the cost of your homeowners insurance policy, given that they also increase chances of injuries.
If your policy is coming up for renewal, this is the best time to review the coverage of your current policy and either increase or decrease the coverage amount. If you find that you are spending too much on your homeowners insurance policy or your insurer isn’t offering you the coverage you require, it’s best to compare quotes and switch your insurance provider.
