5 Times You Need to Upgrade Your Homeowners Insurance

In reality, homeowners should have their homeowners’ insurance policy reviewed annually. This should be done more frequently when significant changes take place. Here are five times when you should consider upgrading your homeowners’ insurance policy.

1. When You Add an Outbuilding

Adding an outbuilding like a shed, unattached garage, barn or even a gazebo could potentially impact the value of your property and should trigger a call to your insurance agency. Along with making sure your outbuilding has necessary permits and meets local regulatory or HOA standards, letting your insurance agent know about the structure will make sure you remain covered.

2. When you Build an Addition

Adding space to a present home can be a practical and affordable alternative to moving to a larger house. Families needing more space may add on a sunroom, extra bedroom or bath. Kitchens can be expanded, a game or theater room added or even a deck or fence constructed. Each, however, potentially increase the home’s square footage and value. It is also likely to impact your homeowners’ insurance. Contact your provider to see how an addition to your home will affect your coverage.

3. When you Make a Significant Remodel

While you don’t have to make your insurance agent aware if you are painting a bedroom, a significant upgrade or remodel should be noted. Making structural changes, new windows or a roof, or expensive kitchen or bath upgrades can significantly affect your home’s value. This is an excellent time for a homeowners’ insurance policy review and potentially an upgrade.

4. When you Add Recreational Equipment

Considering adding an indoor or outdoor pool? Think the kids will burn off some energy if you get an outdoor trampoline? You may want to talk with your insurance agent first. These items can increase the liability risks of a policy and adjustments in your policy may be required. This is important to do before someone gets injured.

5. When You Add Safety and Security Equipment

More homeowners are taking advantage of technology to add more and more security and safety features to their home. Cameras, smart lighting, and alarms may qualify you for some homeowners’ insurance discounts you otherwise may miss out on. Even upgrading locks and deadbolts may improve security and earn a discount.

If it has been over a year since you’ve had your homeowner’s insurance reviewed or you have made one or more of the above changes, contact us for a free, no-obligation homeowners’ insurance review. We’ll not only make sure your coverage is sufficient but may be able to actually save you money. We look forward to assisting you.