Should You Adjust Your Insurance Policy?

You may live in the same house you did a few years ago, but that doesn’t mean your insurance policy should remain the same.

Even if your home is relatively unchanged from when you first bought it, there’s a chance your original homeowners policy is out of date, which could mean you’re over- or underinsured.

Here are five scenarios in which you should update your insurance. (Some of them may surprise you.)

Home Renovations: Updating your kitchen or bathroom, adding a new guest suite and other renovations require updating your insurance policy. This will ensure your new features and materials are covered if they get damaged.

Pool Addition: A pool not only changes the value of your home — and how much it costs to repair — but it also increases your liability. You’ll need to update your insurance to reflect that.

Safety and Security: Adding a security system or safety features like a video doorbell, motion-sensor lights or a privacy fence can make your home less prone to break-ins, which could also mean qualifying for insurance discounts.

Getting a Dog: A new pet can add more liability to your household. You should always update your homeowners insurance when adding a dog to the family.

Housing Market Shifts: As your local housing market heats up or cools down, your home’s value may change, and the replacement coverage you need could change with it.

Moving? That’s also a good time to update your homeowners insurance coverage. Get in touch to find a new home or get connected with a local insurance agent.