Own A Home? 4 Situations That Require An Immediate Update To Your Home Insurance Policy

Posted on: 4 July 2019

Owning a home is a big responsibility. One of those responsibilities includes home insurance. Not only does home insurance provide protection for your home, but it also provides protection for you. You might not notice your personal protection until someone sues you for injuries incurred while on your property; then you'll be very happy you have the protection. Unfortunately, you might not realize that your insurance coverage should be updated from time-to-time. That's because changes can occur that will affect your protection. Take a look at the list below. If you've experienced any of these scenarios, it's time to update your home insurance.

You've Remodeled Your Home

If you've recently remodeled your home, you need to have your agent take a look at your current insurance policy. The coverage you have right now might not be enough to provide protection for the additions you've made. This is particularly true if you've added a considerable amount of square footage to the home, or you've made expensive upgrades. Before you're faced with an emergency that you don't have the right amount of coverage for, have your insurance updated.

You've Changed Professions

If you've recently changed professions, you may be paying too much for your home insurance. Most insurance companies provide discounted rates for people in certain career fields. If you've joined one of those fields, you may have a discount coming to you. It's also important to note that if your new career has you working from home, you'll need to update your insurance to ensure that your office equipment is properly protected.

You've Had Changes to Your Property Value

If your property value has recently changed, it's time for an updated insurance policy, especially if your home value has increased substantially. Home insurance policies provide protection at a specific level. That means, if your home is destroyed, they'll cover the policy limits when rebuilding your home. Before you're left with a shortage, make sure your policy is updated to recognize the current market value.

You've Built Mother-in-Law Quarters

If you've recently built a small guest house in your backyard, and you plan to have your mother-in-law live there, you need to sit down with your insurance agent right away. Your guest house will need to be added to the insurance policy. Failing to add the guest house to your existing policy could leave you without protection should a disaster strike. Not only that, but if your mother-in-law has guests over, and one of them suffers injuries while in the guest house, you'll need to make sure that you have the proper liability protection.

For more information, contact a company like thesanfordgroup.net today.


Mastering The Art Of Insurance Coverage

As a responsible adult, I feel like it is my personal responsibility to make sure that I provide my family with the financial security they need to enjoy their normal routine. Unfortunately, since you never know what kinds of obstacles are just around the corner, I started focusing on adding the right insurance policies to supplement my life. I wanted to write a website that would help other people to answer their own insurance questions, so I started looking into things. This website is here to help other people with their insurance questions. Check it out for great information that could help you.

Latest Posts