You could have absolutely every coverage possible on your home insurance policy, but if you don’t keep your insurance company informed of changes, you may not have all the coverage you need. Changes to your home and the way you use it can have an impact on the coverage you require.
1) Renovations
If you are planning a renovation or substantial upgrades to your home, your policy may have a clause that requires you to contact your insurer before work begins. This is especially true if your home will be vacant during the renovations.
When the work is completed, your new home may be worth more than before, so be sure inform your home insurer and increase your coverage to reflect its new value.
2) Outbuildings
Building a garage, shed or pool-house means that there is another item on your property that requires insurance. It is likely that your policy includes coverage for these structures, as long as you inform them of the structure’s existence.
Call your insurer to confirm your policy cover the cost to rebuild these structures in the event of a fire or other damage.
3) Home-based business
If you are operating a business from your home, you need to ensure that your home insurance policy is up to the task of protecting it. This is especially true if you welcome customers to your home or keep an inventory of items on the premises.
4) Rental Unit
If you decide to earn some money turning a basement, garage, or other structure into an apartment for rent, you need to inform your insurance provider to ensure that you’re protected for both property damage and third-party liability.
5) A new hydrant or fire hall
If you live in a suburban or rural area where your local government is expanding its fire services and your fire protection changes, call your insurance broker as it may lower your premium if the services are greatly enhanced.
6) Short-Term Rental
Don’t consider listing your home on Airbnb or another service before speaking to your home insurer. Many policies exclude this type of use and others place limitations on your coverage. Know how your insurer will treat a loss before you allow strangers into your home.
7) Security and fire systems
By adding a monitored burglar and fire service to your home, you may be entitled to further savings. Check with your broker to see if this additional protection can lower your premium.
Get a 5-minute quote online to see how your insurance rates change and improve with changes to your home.
