Do You Need To Update Your Homeowners Insurance Policy?

About Me
Reducing Insurance Premiums

When was the last time you evaluated your budget? A few months ago, I took a good, hard look at my finances, and I realized that I was spending a boatload on insurance premiums. I knew that I needed to cut down my spending, so I started talking with my insurance agent. The agent was incredibly kind and caring, and he walked me through a variety of hypothetical scenarios to help me to make things right. I was really impressed with how awesome the experience was, and I was able to save a lot of money on my premiums. This blog is all about reducing insurance costs.

Search

Do You Need To Update Your Homeowners Insurance Policy?

16 March 2022
 Categories: Insurance, Blog

Homeowners insurance protects one of your biggest investments from the unexpected. If your home gets burglarized or damaged in a fire, you will be very happy that you have a home insurance policy. However, it is necessary for most people to update their home insurance policy multiple times throughout their lives.

Here are a few situations that may require you to update your policy. 

You Installed an Alarm System

Break-ins can happen in just about any neighborhood, so it is smart to invest in a home alarm system. When you do, remember to let your insurance company know. You may get a discount on your homeowner's insurance policy.

Alarm systems deter burglaries and make your home safer, so your insurance company may consider you less of a risk. 

You Remodeled Your Home

Whether you revamped your bathroom or added a deck to your outdoor living space, it is important to inform your insurance company. Remodeling your home can increase its value, so it will cost more to insure. You want your homeowners insurance policy to reflect your home's new value.

You Purchased a Swimming Pool

Swimming pools offer a great way for families to cool down and relax during the summer months. However, swimming pools can also be a danger. That is why insurance companies charge homeowners with pools higher premiums. They want to protect themselves in case someone suffers an injury in your pool.

You Don't Smoke Anymore

If you have recently quit smoking, you may have scored cheaper home insurance. Smoking can increase the risk of home fires, so insurance companies charge smokers higher premiums.

If you don't smoke anymore, your insurance company will not consider you as big of a risk and may lower your premiums.

You Added a Dog to Your Family

A dog can provide your family with a lot of love and entertainment. Your new family member can also be a liability. If your dog bites someone in your house, you will likely be responsible for the damages. You want to make sure that your homeowners policy will cover any injuries your pet may cause. 

If any of the above situations apply to you, give your insurance agent a call. They can review your current policy with you and update it if it is necessary. Make sure you are covered by homeowners insurance because it will protect you in the long run and can save you money.