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When Should I Review My Home Insurance Coverage?

When Should I Review My Home Insurance Coverage?

Insurance is an important part of being a homeowner. Not only does it protect you from damages caused by things like fire and vandalism, but it can also protect your personal property or additional structures like garages, and provide liability coverage.

But when is it time to review your coverages? Should you evaluate your coverage monthly, yearly, or somewhere in between?

The most important times to review coverage

Let’s talk about events that should prompt you to review your home insurance coverage.

  1. You’ve received a shiny new gift or bought something expensive: To eliminate the risk of not being covered if someone were to steal personal belongings, it’s important to review your home insurance coverage when you are keeping something expensive in the home.

    If you’ve just received a beautiful diamond bracelet, an expensive new television system, or a timeless (and expensive) piece of artwork, it’s important to talk to an agent to ensure that you’re properly covered.

  2. You’ve added square footage to your home: Many insurance companies base your coverage off of the square footage of your home. That means that if you add a new sunroom to your existing structure, it’s important to report it to your agent.

    If not, in the event of a damaging fire or thunderstorm, your entire home may not be covered.

  3. You got married: If you’re going to be adding another person to your home, they’ll likely bring all of their belongings with them. That means that the value of items in your home will increase — in which case, you’ll need to contact your agent to increase your coverage.

  4. You’re starting a business out of your home: If you run a business out of your home, it’s important to report this to your insurance agency.

    Why? You’ll need to have liability coverage for the employees that will be working under your roof, which will be a change to your normal policy.