Signs It’s Time to Update Your Homeowners Insurance Policy
Each month when you pay your mortgage, a portion of that payment is separated into an escrow account to pay your taxes and homeowners insurance. Since you don’t pay the bill directly, it’s easy to forget about your homeowners insurance policy.
Read on to learn about 5 signs that it’s time to update your homeowners insurance.
- You’ve completed a remodel.
When you update your kitchen, put on a new roof, or add a bathroom to your home, it’s important to let your insurance company know. Home improvement projects can significantly impact the value of your home and your insurance company will need to adjust your property coverage limits to adequately cover the replacement costs. While this might raise your premiums by a few dollars, it’s well worth it to be properly covered in the event you need to make a claim.
- You’ve added a security system.
If you’ve added a home security system since you last shopped for the best home insurance rates, you’re in for a pleasant surprise. Many homeowners insurance companies offer a significant discount to customers with a monitored security or fire alert system.
- You’ve retired.
Insurance companies often give retirees a break on insurance rates because people who are retired typically spend more time at home, reducing the odds that the home will be burglarized or damaged.
- You’ve purchased or sold an expensive item.
In addition to the structure of your home, your homeowner’s insurance covers your possessions up to certain limits. As you continue to grow your possessions or sell items of value, you may need update your coverage.
- You’ve welcomed a dog to the family.
Many homeowners insurance policies provide dog bite liability coverage. The catch is that you must let your insurance provider know about the addition to your family. If you haven’t let your insurer know about your pet before making a claim, it could affect coverage under your policy.
If you need further information on any of the items listed above or have questions about how to update your homeowners insurance policy, please reach out to your independent insurance advisor.