Keeping your homeowners insurance up to date is important if you want to sufficiently cover your home and possessions. Whenever changes are made to your home, your personal life, or possessions, you should call your insurance agent as soon as possible. Letting them know as soon as any changes are completed ensures that your homeowners policy is always up to date with the right amount of coverage.
Home Improvements/New Roofs
Home improvements are an investment in your home. The same is true for new roofs. These high-dollar repairs and renovations can dramatically increase the value of your home. Reporting them to your insurance agent is the best way to ensure they are covered by your homeowners insurance. Once the repairs are completed, you may want to have your home appraised to determine its new value.
Renting All or Part of Your Home
Many people rent out a room or a section of their home to make a little extra money. While you are responsible for your home and your possessions, you are not liable for your renter’s possessions. You need to inform your insurance agent what part of your home is exclusive to the renter and what possessions are for your personal use.
New HVAC System
A new HVAC system is a major investment. Much like home improvements and a new roof, they can cost thousands of dollars and are expected to last for many years. You need to let your insurance agent know that the new unit has been installed. They will need to know the cost, make, and model number so that all of the information is included in your insurance policy.
Paying Off Your Mortgage
Paying off your mortgage is also important when it comes to your homeowners insurance policy. When a mortgage is still in place, part of the money from your insurance payout will go to the lender who is holding the note. If you have paid off your mortgage, you need to let your agent know so that the lending institution can be removed from your policy.
Buying Expensive Appliances/Furniture
Your home is not the only thing that is covered by your homeowners insurance policy. Furniture, electronics, and appliances are all quite expensive and usually covered under a traditional homeowners policy. Any time large ticket items are purchased, you need to give all of the identifying information to your insurance agent. They will be able to add the information to your policy so that your items will be fully protected.
Working from Home
Individuals who work from home often designate a specific area for business purposes. This area should be covered by a business policy that is attached to your homeowners insurance. While both are unique, individual policies, they will provide you with the coverage you need to protect both your home and your business.
Keeping your homeowners insurance up to date means staying in communication with your agent at all times. Reporting home improvements, lifestyle changes, or bringing your business home are all reasons to update your policy. Contact us at Phocus Insurance Services if you have questions about your homeowners insurance coverage. Discuss your options with our agents so that you understand what is covered and what is not.
