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.