When you purchased your home, chances are you purchased a home insurance policy to protect it. As life goes on, things change. Make sure your policy changes with it. A home insurance policy should protect as well as it did the first day you purchased your home. Be sure to update it when any of these five life events happen.
1. Home Remodel
Remodeling can increase the value of your home and require more coverage. Speak with your agent after your remodel to determine the replacement cost. Your homeowners policy may help cover the renovation risks.
2. Just Married
An additional person living in a household brings more belongings into your home. Add your partners’ belongings to the home inventory list. Speak with your agent about increasing liability coverage and adding your partner to your policy. Some carriers have bundling options that can save money on your premium. Learn more about how marriage can affect insurance, here.
3. Big Ticket Items
Traditional homeowner’s policies do not include an adequate amount of coverage for the total cost of your belongings, capping you with a limit. This can leave a large gap in coverage. Items such as jewelry, electronics, and furniture can quickly reach the limit in your policy. Take a picture of the item to include in your home inventory list. Also take a photo of your receipt to reference in the event a claim is filed. Call your insurance agent. They can review the best coverage options for your belongings.
4. Safety Devices
Deadbolts, security systems, fire extinguishers, and smoke alarms should inspire you to pick up the phone to talk to your agent and ask about protective device discounts! A security system reduces the risk of your home being broken into or potentially harmed. It’s a win-win for you and your insurance company! Here are some more ways to reduce your premium.
It’s good practice to call your agent before you adopt a pet. Many carriers have breed and animal restrictions; which can put your policy at risk of being canceled. Home insurance typically includes coverage that will help if your pet bites a guest on your property, but that coverage may be limited. Depending on the type of pet you own, it could increase your premium, so review your policy or ask your agent.
Think it’s time to update? Talk to your local Lighthouse agent.