Why Should You Conduct an Insurance Update?

Once a home insurance policy has been instated, most individuals don’t review it for an insurance update at all. 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 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 home insurance 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:

  1. Installing a new kitchen
  2. Updating or expanding a bathroom
  3. Building a new structure outside your home
  4. Adding a deck or porch
  5. Finishing your basement
  6. Updating your roof, doors, or windows

You’ll want to contact your provider with an insurance update 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.

You’ve Experienced Major Life Changes

Contrary to the belief of a few home insurance holders, significant life changes can have an impact on your policy. These include things such as marriage, divorce, death and other life-altering situations. 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.

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.

Once a home insurance policy has been instated, most individuals don’t review it for an insurance update at all. 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 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 home insurance 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:

  1. Installing a new kitchen
  2. Updating or expanding a bathroom
  3. Building a new structure outside your home
  4. Adding a deck or porch
  5. Finishing your basement
  6. Updating your roof, doors, or windows

You’ll want to contact your provider with an insurance update 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.

You’ve Experienced Major Life Changes

Contrary to the belief of a few home insurance holders, significant life changes can have an impact on your policy. These include things such as marriage, divorce, death and other life-altering situations.

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.

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.

Seriously, what else can you do in 3 minutes?

Boil half an egg?

You might like these posts, too.

How condo claims work differently than home insurance claims

How condo claims work differently than home insurance claims

Condo living can be ideal for people who prefer to live close to the hustle and bustle of an urban area or for those who don’t want the hassle of maintaining a house or its property. With that freedom come a few extra things to remember, one of which is the fact that...

read more
Does cottage insurance differ from home insurance?

Does cottage insurance differ from home insurance?

Cottage ownership is one of the great joys of living in Ontario. Whether your jam is sitting on the dock soaking in the sunshine or hosting fabulous barbecues for friends and family, a cottage escape is the perfect antidote from the hustle and bustle of city life. But...

read more

How are we doing?

How are we doing?