When to Adjust Your Homeowners Insurance

Hind sight always seems to be 20-20. I have a friend who built a home last year and purchased home insurance for her home. However, Hurricane Irma brought them a surprise when their pool cage was destroyed and they quickly realized that they failed to add insurance on for their pool and cage that were finished just after their home was finished building. I have to believe they aren't the only ones in that situation. So, I wanted to take a moment to share some thoughts on when you may want to adjust your homeowner's insurance policy.

​Homes usually grow and change alongside the people living in them. If you've added considerable furnishings or made substantial upgrades, it is important to re-evaluate your homeowners insurance and make sure your policy reflects those changes. Here are four scenarios to illustrate when it may be beneficial to review and adjust your coverage.

Remodeling or Renovation Work
Home improvement projects typically increase the value of your home, which may create a need for more coverage. Keep in mind that doesn't necessarily mean your insurance rates will automatically increase. In fact, some projects, like adding a new roof, may help you save on your monthly home insurance premiums. Just be sure to notify your provider before any work begins.

Adding a Pool or an Outdoor Trampoline
Because these fun home features come with increased risk of injury, they're labeled an 'attractive nuisance' which need to be noted in your insurance. Upping your liability insurance can help keep you protected if there's ever an accident on your property and a subsequent lawsuit.

Acquiring New Valuables
If you inherit or purchase expensive goods such as jewelry, art, rugs and antiques, you should  make sure they are added to your policy. Increasing your coverage is the only way to safeguard them in the event of damage or theft.

Starting a Home Business
Many home-based business owners don't realize they have little, if any, coverage from a homeowners or renters insurance policy. Since a new home business likely means purchasing new technology and expensive equipment, you may need to get additional protection.
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You worked hard for your home. Secure your belongings by updating your coverage to match your circumstances.