Simone Spotlight - When To Update Your Home Insurance

When To Update Your Home Insurance

February 21

🎉 Hey East Bay 🎉

Updating your policy probably isn’t something at the forefront of your mind. However, knowing when to update your homeowners insurance policy is important because changes to your lifestyle could affect your policy, your coverage, and how much you’re paying.

Here are five reasons to update your home insurance:

Home Renovations

It’s essential to notify your insurance provider when you renovate your kitchen, install a new roof, or add a bathroom to your home. Home renovation improvements can have a major influence on the value of your home, requiring your insurance carrier to adjust your property coverage limits to match the replacement expenses. While this may increase your premiums, it is definitely worth it to have adequate coverage in the event of a claim.

Updated Security System

You’re in for a pleasant surprise if you’ve added or upgraded your security system since you last looked for the best home insurance prices. Many homeowners insurance providers give clients who have a monitored security or fire alarm system a discount.

You have Bought or Adopted a Dog

Liability coverage for dog bites are included in many homeowners insurance policies. The catch is that you must notify your insurance company about your new family member. If you haven’t informed your insurer about your pet before filing a claim, it could affect your policy’s coverage.

Change in Career

If you’ve retired, changed your career, or now work from home, let your insurance provider know. Providers are usually more lenient to those that spend a lot of time at home since it’s less likely they'll have their home invaded.

Big Purchases

If you’ve purchased or been given something worth a lot of money, it’s always a good idea to let your insurance company know. They can adjust your premium to protect you should something go wrong. The same works if you sell or give away something valuable. Call to drop your premium.

What To Do

Reviewing your homeowners insurance might not be at the top of your home improvement to-do list. However, following the five guidelines described below will save you time and money in the long run.

Your home itself must be your top priority. However, don’t base your coverage on the appraised worth of the home, which includes land costs. Instead, use the most recent per-square-foot replacement rates in your area, as provided by your local homebuilders association. The disparity can be substantial.

Is your area vulnerable to extreme weather? Calculate the cost of extended or guaranteed replacement plans, which protect you from inflated labor and raw material costs in the event of a disaster.

For more information contact your insurance provider and go over your insurance coverage. They can update your policy so it reflects your current situation and needs.