Your home has probably transformed in many ways since you first got your home insurance policy – you may have taken on some renovations, acquired (expensive) possessions, or might even be running a home-based biz. But neglecting to share these changes with your insurance company might leave you in a tricky spot.
Here’s 7 situations that scream “update time”:
Home Renovations
You channeled your inner HGTV star and revamped your kitchen into one even the Property Brothers would be envious of. But before you start cooking, ensure your insurance policy is up to date. Renovations can affect your home’s replacement cost, which directly impacts your dwelling coverage. Upgraded cabinets, finished basements, hardwood flooring, or extra square footage? Your policy needs to catch up to the chic new you. If not, you could be left underinsured.
Valuable Additions
Did you recently splurge on a new engagement ring, a state-of-the-art home entertainment system, or an impressive art collection? These expensive items may necessitate a reassessment of your personal property coverage. Ensure that your coverage limits are sufficient to protect your valuable possessions. For particularly valuable items like jewelry, you might need to consider additional coverage through a scheduled personal property endorsement to keep it safe.
Home-Based Hustle
Working from the comfort of your own home can be a dream come true for some. But before you break out the home office confetti, know this: it’s essential to evaluate your insurance needs. Your regular home insurance won’t swoop in to save the day for business ventures, and liability claims related to business are often excluded. Dial up your insurance provider and let them in on your entrepreneurial plans. Depending on the nature and size of your business, you may need additional endorsements or a separate commercial insurance policy to ensure adequate protection.
New Housemates
Life’s full of surprises, including welcoming new members to your household or hosting roomies. Bigger crew means more stuff, potential liability changes, and shifts in home dynamics. Update your policy to match the new vibes, ensuring your coverage keeps up with your evolving life story.
Welcoming Furry Friends
Bringing a furry friend into your home is exciting, but your home insurance might need a heads-up. Some insurance companies have breed restrictions that may affect coverage. Additionally, owning a dog can increase the risk of liability claims. To avoid headaches, consider updating your homeowners insurance’s liability coverage.
Seasonal Shenanigans
Whether you’re diving into a pool party or cozying up by the fireplace, seasonal fun also brings added risks. Pools, hot tubs, and fireplaces are great – but don’t forget the insurance. Your coverage needs to catch the seasonal spirit to keep your home adventures safe and sound. So take a moment to reevaluate your insurance policy each season.
On High Alert
Investing in a security system not only enhances your peace of mind – but may also qualify you for insurance discounts. Once you have your system set up and your home secured, don’t forget to reach out to your insurance agent and let them know. Lots of insurance companies love security-savvy folks like you and might offer you some great discounts. And guess what? Living in a gated community might even get you some extra savings!
From room makeovers to seasonal splurges, your home insurance policy is your home’s BFF. And a little TLC now can save you the insurance blues later. Be sure to speak with your Swyfft Insurance Agent to learn more.