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.Share