When to Review Your Homeowners Insurance
Life is full of exciting changes, and as it changes, it’s important that your insurance keeps up. From renovating your kitchen to adding a gazebo to your backyard, your policy should protect all your assets. So, when exactly should you review your homeowners insurance? Below are nine prime instances of when to check in with your agent and make sure you’re properly covered.
Renewal date. A great time to review your homeowners insurance policy is your renewal date. Who would have thought? Even if no major changes have occurred during the year, call up your agent and schedule an appointment. It won’t take long to go over your policy. Besides, you never know what you’ll find out!
New valuables. If you’ve acquired any new valuables in your home, like expensive jewelry or that 67-inch flat-screen TV you’ve had your eye on, make sure to add them to your home inventory and update your policy to reflect the new values. What your belongings are worth adds up quicker than you think, so it’s important to understand how much coverage you need to adequately cover your personal property.
Outdoor additions. Upgrades to your property, such as a storage shed, riding lawnmower or in-ground swimming pool, are noteworthy outdoor additions that should prompt you to review your homeowners policy.
Renovations. Any renovations to your home can affect the overall cost to repair or rebuild it. So, once you’ve finished your makeover, especially big updates to a kitchen or bathroom, make sure your home insurance policy is upgraded and provides sufficient coverage, in case the unexpected happens. Also, if you’re using contractors to help renovate, check in with your agent to confirm your liability coverage will cover any injuries sustained on the job.
Newly finished basement. If you’ve completed a basement renovation, your fresh digs may require additional water backup coverage. That’ll help protect your new furniture and carpet in the event a drain backs up or a sump pump fails.
Safety updates. We love to see that you’re proactively protecting your home and your family, and we’ll reward you for it, too! If you equip your home with qualifying smart home devices, like Ring Video Doorbell, smoke/fire detection, water leak monitoring or theft protection, you may qualify for a discount. Contact your agent to find out how you can cut costs on your policy.
Fun stuff. Make sure to tell your insurance company if you’ve made any additions like a swimming pool, trampoline, hot tub or swing set, so you’re covered properly in the event of an accident. If you add these types of enhancements that are especially appealing to children, they’re considered an “attractive nuisance,” and you could be held liable for any injury to a child, even one who is trespassing on your property.
New pet. If you plan on bringing Biscuit home to become the newest member of the family, be sure to let your insurance company know. In the event Biscuit unexpectedly takes a nip at someone, you want to make sure you’re properly covered. Typically, a pet is covered under your liability policy, but certain breeds are considered high risk and may be ineligible.
Property inflation adjustment. Typically, your insurance provider automatically adjusts your policy with building cost inflation, but double-check just to be sure.
Reviewing your homeowners insurance doesn’t have to be a time-consuming chore. A quick chat with your American Family agent will help to make sure your limits are meeting your needs. Get smart about homeowners insurance by reading up on questions to ask your agent, and check out our homeowners coverages to stay up-to-date on all the ways you can stay protected.
Related Topics: Home Insurance