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New House, Old Insurance: Should You Update Your Policy?

Something that many homeowners often overlook is the importance of updating home insurance policies. Thought of as a standard thing that doesn’t change, (at least compared to the dozens of other home care tasks) insurance policies are ignored until something significant happens. For example, making a claim about fire damage only to learn that your policy no longer covers it. Insurance policies too can fall out-of-date if not reassessed on a regular basis. Having an outdated policy leaves your home and family at risk of financial burdens if any losses or damages to the house should occur.

Understanding exactly when and how to update your insurance policy is a common occurrence. Since homeowners insurance can be a confusing process all together, many will forgo a reassessment of their coverage to avoid the headache. Arming yourself with the necessary information about a policy update though will ensure that you aren’t left with an underinsured property.

The list below gives you some insight to help with that. Keeping your homeowners insurance updated is crucial not only for the well-being of your home, but it can also help save you money on your premiums. Here are a few instances that a policy update should be considered:

If You’ve Remodeled or Renovated

Any major additions to your home are generally not covered under your current insurance policy, especially if you haven’t contacted your agent. If you’re in the process of remodeling a part of your home, work with your insurance provider to expand the current coverage on the home to include any forthcoming additions. Things such as building a new deck, adding new rooms or other major projects should all be under the umbrella of your coverage to protect your investment.

The best homeowners insurance providers will help you better understand when and how to update your policy. Before settling on any provider, make sure to do your research and shop around for those who provide you the with best packages and service.

If You’ve Bought Any Big-Ticket Items

Reviewing your homeowners insurance policy usually isn’t the first thing you think of after buying a new TV or a pricey piece of furniture, but it should be. Since your policy likely covers expensive and valuable items in your home in case of damage or loss, getting in touch with your insurance agent can help you get the most out of your coverage.

Keep in mind, however, that not every valuable item may be eligible for coverage, and that insurance policies have limits on how much you can actually cover. By contacting your agent early, it’ll shed light on how much can be protected, and where your restrictions lie.

If You Decide to Rent Out an Investment Property

Getting an update on your homeowners insurance is required before you can rent out a property. Since homeowners insurance only covers your personal residence, updating your insurance policy to include the investment home is necessary before you can put it up for rent.

Although each state has different guidelines, one policy you must have is the Landlord Property Insurance, which relates directly to leasing a home. Contact your insurance agent if you’re planning on renting out a property to see exactly what types of coverage you will need to purchase.

If Any Lifestyle Changes Have Occurred

There are many lifestyle-type changes that warrant a reassessment of your home insurance policy. Consider factors such as a marriage or divorce, whether you’ve had a baby, or if your teenager recently got their driver’s license. If any of these have occurred, or if you’ve undergone other significant changes, the time is right to contact your insurance agent.

Owning a home comes with a wide array of responsibilities. Often times homeowners can get caught up in the bustle of these daily tasks and overlook some very important ones. Keeping your home insurance policy updated and comprehensive is something that every homeowner should keep at the top of their list. Keeping the above factors in mind, it will ensure that costs remain low and losses are minimized.

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