The Importance of Updating Your Home Insurance Policy: Why and When

Updating Your Home Insurance Policy: Why and How

Home insurance is important, but most people forget to regularly update it. A change in your lifestyle, a property improvement, and market conditions can all affect your insurance coverage. Stay proactive and keep your policy updated if you want to ensure that your home and belongings are well-protected.

Why You Should Update Your Home Insurance Policy

1. Renovations and improvements to your home

Home insurance policies should be updated after renovations or improvements have been made. You may need more insurance coverage if you add walls, remodel your kitchen, or add a pool to your home.

Renovations can increase your home's market value significantly. Loss or damage can lead to underinsurance without adjusting your coverage limits.

With added exposures such as adding a pool, a deck, or maybe a home office additional liability coverage maybe warrantied.

2. Changes in personal life

Life changes can directly affect your insurance needs.

Marriage and divorce: Getting married or getting divorced can affect your insurance coverage. It is important to keep your policy up to date as ownership and coverage requirements change.

Purchases: Items such as jewelry, artwork, and electronics may require additional coverage.

3. Market fluctuations

Property values fluctuate in real estate markets, affecting your insurance needs.

With the significant increases in-home value and inflation without reviewing and updating your coverage, you may find yourself underinsured in the event of a loss.

4.Natural disasters

With certain weather events, your typical homeowner's insurance policies may not sufficiently cover or not cover you at all for a loss in event of certain natural disaster,

Home insurance policies often do not cover floods, earthquakes, or hurricanes. The best way to protect against flooding, earthquakes, and hurricanes is to purchase separate policies or endorsements.

Risk of location: It's important to review your policy regularly if you live in a natural disaster-prone area.

Home Insurance: When to Update

1. Each year

Set a reminder for you to review your home insurance policy every year. During this process, you can adjust your policy as your coverage needs change. During a home or lifestyle review, talk to your agent about any changes you would like to make.

2. After major life events

Life events such as getting married, having a child, or retiring can affect your insurance needs. Whenever you undergo a significant life change, you should update your policy.

3. Major purchases and renovations

Be sure to update your policy whenever you make substantial renovations or acquire valuable possessions. The insurance coverage you choose will accurately reflect the value of your home and belongings, ensuring adequate protection.

4. Regulations change locally

Building codes and regulations can change, affecting the cost of rebuilding your home. Compliance and adequate coverage are ensured by keeping your policy up to date.

5. Policy renewal prior to expiration

As your renewal date approaches, ensure that you maintain your policy. The best way to find the policies and coverages that fits you and your family is to compare quotes from different insurance companies.

Insurance for Your Home: How to Update It

The following steps will guide you through updating your home insurance policy:

1. Assess your current insurance coverage

Be familiar with your policy's exclusions, limits, and endorsements. Ensure that your coverage meets your needs.

2. Assess your needs

If you have recently made changes to your home, lifestyle, or local market, an update may be needed. Assess your needs to determine whether additional coverage or endorsements are required.

3. Consult an insurance agent

In case you need assistance with your findings, you should contact your insurance agent or provider. By following their advice, you can ensure your policy covers you comprehensively.

4. Maintain up-to-date policies

Working with your insurance agent, ensure that your policy is updated as needed. Different approaches are available, such as adjusting coverage limits, adding endorsements, or switching policies entirely.

5. Document everything

When updating your policy, make sure all the required documents are available, including the new details and any endorsements. Keep these records in a safe place where you can access them whenever necessary.

Conclusion

A home insurance policy should be kept up to date at all times. Our goal is to keep you protected by being proactive and making sure you get the coverage you need as your house, lifestyle, and market changes.

The policy should be kept up-to-date whether you recently completed a renovation, had a major life event, or just want peace of mind.

A home is more than a place to live, it's a place where treasured memories are made and cherished. Stay up to date with your insurance policy to protect your home's value.

Please note that the information provided in this article is intended for general informational purposes only and may not apply to your specific situation. Insurance laws and regulations can vary significantly from state to state, and it’s crucial to understand the specific requirements and coverages that apply to your location. We strongly recommend consulting with a licensed insurance agent in your state to discuss your unique needs and ensure you have the appropriate coverage for your circumstances.

< Older Post

Newer Post >

Restaurant Insurance in Oklahoma, What You Actually Need

By Steven Conway • November 7, 2025

I spend my time in Oklahoma restaurants, not just on the phone. I talk with owners, managers, chefs, and bar leads. I’ve seen the back office, the dish pit, the walk-in, the patio heaters, and the POS that freezes at 6 pm. I know what really derails a week. My job is to match insurance to the way you run service, so one bad hour does not wreck your month. Here’s what matters and how it fits together. The Core Coverage You Cannot Skip General Liability Start here. A guest slips on rainwater near the host stand in Midtown. A kid bumps a space heater on the patio in Norman. A to-go order triggers a peanut allergy. General liability covers bodily injury and property damage you are legally responsible for. Most policies also include personal and advertising injury (things like defamation, slander, or copyright). Some carriers exclude or limit this—so confirm it’s included and not excluded on your policy. Important note: When you sell or serve alcohol as a business , standard CGL typically excludes liquor liability. That exposure is handled by a separate Liquor Liability policy . (More on this in Part 2.) Commercial Property Think building (if you own it) and everything inside that makes you money: hood systems, fryers, ovens, walk-ins, lowboys, POS, tables, chairs, bar stock, dish machine, signage, heaters, even that neon sign your photographer loves. This is Oklahoma—hail, wind, freezes, and long hot spells hit equipment hard. Property coverage is your repair/replace budget for major damage when a covered cause of loss strikes. Two details make or break your claim: Replacement Cost vs. Actual Cash Value (ACV): Replacement cost pays what it takes to buy new equipment today. ACV deducts depreciation, leaving you short. Confirm which your policy uses. Coinsurance: Many policies include a coinsurance clause. If you insure below true replacement value, claim payments may be reduced proportionally. Confirm your requirement. Don’t forget exterior signs . Freestanding or roof-mounted signs take wind hard in Oklahoma and often need to be scheduled with a real dollar amount. Business Income and Extra Expense Power goes out in Edmond on a Friday. You lose the prime rib for Saturday plus the sales you needed to cover payroll. Business income replaces lost net income and pays unavoidable expenses like rent, payroll, loan payments, and utilities. Extra expense covers costs to reopen faster—temporary refrigeration, a generator, rush parts. Ask for: Utility Service Interruption (off-premises power outage) Civil Authority (your street is blocked after a nearby fire/tornado) Equipment Breakdown Property insurance loves fire/wind/water—but not internal failure. Equipment breakdown covers sudden, accidental mechanical or electrical breakdowns: HVAC boards, compressors, dish machine controls, POS systems. It’s inexpensive and saves more claims than owners expect. Food Spoilage and Contamination Two related but different protections: Spoilage: Pays when food is lost due to outage or equipment failure. Contamination: Pays when health authorities require you to discard product or sanitize. Some carriers add PR/crisis response. Don’t guess your spoilage limit. Walk the cooler, total meats/seafood/dairy/produce/sauces/prep—and add a cushion for holidays or event weekends. Workers’ Compensation If you have employees, Oklahoma law generally requires workers’ comp. It covers medical costs and a portion of lost wages (cuts, burns, slips, strains) and protects you from most employee injury lawsuits. Owners/LLC members/family can often be included or excluded by election—check your filing. Lowering cost long-term: track hood cleanings/grease trap service and slip incidents; enforce non-slip shoes; train new hires on lifting. Carriers reward documentation. Common Mistakes to Avoid Low spoilage limits (don’t insure $2,000 if your walk-in can hold $8,000) No utility service coverage (outages are more common than fires) ACV instead of replacement cost Coinsurance penalties from underinsuring Assuming liquor liability is included (it usually isn’t for alcohol businesses) “Set and forget” workers’ comp payroll estimates (audit pain later) Ready for Part Two This post covers the backbone. In the next post, we’ll dig into liquor liability, hired/non-owned auto, cyber, EPLI, leases, and Oklahoma “gotchas.” Coverage needs and limits vary by operations and contracts. This article is educational only and does not guarantee coverage. Review your policy with a licensed independent agent. For a no-pressure review, call 405.733.2886 , email steven@conwayinsuranceok.com , or visit ConwayInsuranceOK.com .

How Much Does Business Insurance Cost in Oklahoma ?

By Steven Conway • June 11, 2025

If you own a business in Oklahoma—whether it's a coffee shop in Norman, a contractor in Moore, or a bakery in Edmond—you’ve probably asked yourself, “How much should I be paying for insurance?” It’s a smart question. Business insurance isn’t just a legal box to check. It’s about protecting your dream, your income, and the people who help make it happen every day. While our focus is on serving Oklahoma businesses, it’s worth noting that Conway Insurance is also licensed in Texas. So if you have operations across state lines or are expanding, we’ve got you covered there too. In this guide, we’ll break down what business insurance really costs, why it varies so much, and how you can keep premiums manageable without leaving yourself exposed. No industry speak. Just straight answers, examples from right here in our state, and a few tips from folks who’ve seen a thing or two. 🧐 The Real-World Cost of Business Insurance in Oklahoma. Let’s start with the numbers. These aren’t just for OKC and Tulsa—we’re talking about the real-world costs faced by business owners from Altus to Miami, from Woodward to Idabel, and everywhere in between. On average, here's what small business owners in Oklahoma are paying each month: - General Liability : $50–$125 - Commercial Property : $75–$250 - Workers’ Compensation (per employee): $90–$300 - Commercial Auto : $100–$175 per vehicle - Business Owner’s Policy (BOP) : $100–$275 💡 Pro Tip: Bundling policies into a BOP can save you up to 25%—and keep the paperwork to a minimum. Last month, we worked with a contractor in Moore who was paying over $6,000 annually through a direct carrier. After reviewing their setup, we bundled their coverage through two A-rated carriers and dropped their premium to $4,700—plus added inland marine coverage they didn’t even know they needed. Their response? “Why didn’t someone show me this sooner?” 🧐 Why Insurance Costs Vary from Business to Business? We get this a lot: “Why is my friend’s insurance cheaper than mine?” And the answer is, it depends. Insurance is priced based on risk—and risk looks different depending on what you do, where you are, and how much coverage you need. Your industry is a major factor. A retail store has fewer hazards than a construction company. Your location matters too. Businesses in hail-prone or high-crime ZIP codes will generally pay more. Then there’s your payroll and revenue. Higher revenue typically means more exposure, and more employees means a bigger workers’ comp bill. Your claims history also plays a role. If you’ve had several recent claims, your rate will reflect that. But if you’ve been claim-free, you may qualify for credits or preferred pricing. 💰 How to Pay Less Without Cutting Coverage? Let’s be honest: Nobody loves paying for insurance. But there are ways to get the coverage you need at a price that doesn’t sting. a. Bundle everything you can. That’s why BOPs exist—to combine liability and property into one, simplified (and discounted) plan. b. Ask about discounts. You’d be surprised how many carriers offer savings for things like monitored alarms, e-signatures, or safety training. c. Control your losses. Prevent claims by maintaining safe workplaces, training staff, and checking equipment regularly. Carriers reward businesses that take risk seriously. d. Review your policy every year. Businesses evolve. So should your coverage. We’ve seen folks still paying premiums based on outdated revenue or property values. e. Work with an independent agent . Captive agents are tied to one brand. We’re not. At Conway Insurance , we look at the whole market to find the best fit you — not just the “in-house” option. 💬 A client in Yukon put it best: “I thought I was covered until y’all pointed out two gaps in my old policy. Now I’ve got better protection and I’m paying less. It was a no-brainer.” 🌪️ Business Insurance Isn’t Just a “Nice to Have”. We live in Tornado Alley. That means storms, hail, wind, and unpredictable weather are just part of life. But there are other risks too— data breaches , customer injuries, and even broken HVAC systems during a heatwave. One uninsured event can wipe out everything you’ve worked for. Good business insurance gives you staying power. Whether you're a bakery in Edmond, a tech startup in OKC, or a landscaping crew in Mustang, the right policy keeps your business running when the unexpected happens. We’re not here to scare you—we’re here to help you sleep better at night. 🗓️ Ready to Talk Through Your Options? We’re Conway Insurance , and we’ve helped thousands of Oklahoma business owners—and many in Texas too—get protected without overpaying. We’ll ask the right questions, explain the fine print, and recommend coverage that makes sense—not just for today, but for where you’re headed. 📞 Call us at 405-733-2886 📅 Or schedule your appointment online Let’s make insurance one less thing you have to stress about. Email us directly at steven@conwayinsuranceok.com if you'd rather reach out by message than schedule a call. ✅ Wrapping It Up. Every business is different. But one thing’s true across the board: the right insurance can make or break your future. Don’t guess. Don’t settle. Let’s find the coverage that fits—without the fluff, the hard sell, or the hidden fees. We’re Conway Insurance —based right here in Oklahoma and proudly licensed to serve Texas too. We’ve got your back.