When is it time to review my home insurance renewal?
Once a policy has been instated, most individuals don’t worry about their home insurance renewal ever again. However, it is essential that your policy is considered to accommodate any changes before you need to use it.
Below is a list of events that initiate the need to review an renew your home insurance policy.
You’ve completed renovations or added security
Keeping your insurance company updated with any changes made to your home is important. This will ensure that your policy continues to protect the value in your home. If you have recently made significant improvements to your home recently, then you must speak with your insurance provider as well.
These changes would include:
- Installing a new kitchen
- Updating or expanding a bathroom
- Building a new structure outside your home
- Adding a deck or porch
- Finishing your basement
- Updating your roof, doors, or windows
You’ll want to contact your provider for a home insurance renewal if you’ve installed a new home security or fire alarm system as well. There is a possibility that with this added security, you can receive a discounted price on your policy. However, to verify this, you must speak with your representative.
You’ve recently made a major purchase
If you have recently purchased a computer, jewelry or any expensive items for yourself, you should consider speaking to your insurance provider. They can assist in adding increased coverage to your policy to include recently purchased items of high value. If a receipt has been provided, retain this so that you can give them to your insurance company should they request it.
If you have received an expensive item as a present, this counts as well. Be sure to mention these possessions to your agent so that everything is covered.
Big life changes call for a home insurance renewal
Contrary to popular belief, significant life changes can have an impact on your policy. These can include:
- Starting a business from home
The increase or decrease of valuable possessions caused by individuals inhabiting or leaving home and taking their goods with them can affect the policy. These changes can cause a variation in the value of assets in the home, meaning that your pre-existing coverage could be too low or too high. Any substantial change like that is good cause to review your policy and look at a home insurance renewal—you could leave money on the table, otherwise!
Conducting an insurance update from time to time is an important practice. With consistent shifts in our needs and life changes, altering your home insurance policy to reflect these alterations is pivotal. It is critical to ensure that your coverage corresponds to your assets and the requirements of your lifestyle in your home.
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