A typical homeowner’s insurance policy will provide you with protection in a variety of commonly-encountered situations among home owners. Since the policies are fairly comprehensive, you don’t usually need to alter it once you have it. However, in some situations, updating your homeowner’s insurance policy is extremely important if you want to ensure you’re completely covered. Below are a few of those scenarios.
Remodeling, renovations, or any other structural upgrade to your home will affect its value significantly. When the value of your home changes, your insurance policy needs to be updated to ensure you continue to have adequate coverage.
You Buy or Sell Pricey Items
Your home insurance provides coverage for your personal property. If the value of your property changes, your home insurance should be updated. For example, a person who collects art and just acquired some new rare pieces will need to make sure that the insurance policy they have includes an amount that reflects the value of their new pieces. If not, and something were to happen, the homeowner would have to come out-of-pocket to replace the artwork not covered by their insurance policy.
Not every update to your insurance policy needs to increase its cost. Many companies will give retirees a discount on their homeowner’s insurance policy once the company is notified of their retired status.
Increased Home Security
Another way to save money on home owner’s insurance is to add a security system. In the eyes of the insurance company, the less likely you are to get robbed, the better. To entice homeowners to take their home security more seriously, insurance companies often give a discount to home owners who purchase in-home security systems.
These are just a few of the many instances where updating your homeowner’s insurance policy is important. If you have any additional questions or concerns about home insurance, give Carol a call at 661-803-3803 or stop by InsuranceSCV.com for a FREE quote!