Your property value will change over time, especially as you make improvements. Although your home insurance policy provided the necessary coverage when you first got it, it doesn’t mean that it still does. Because your home insurance needs to change as your house changes, you should review your coverage to ensure it is on track. Lana Insurance Center Inc., serving Wallingford, CT, shares a few instances when you should review your home insurance.
When Should You Review Your Home Insurance?
You can add value to your property when you undergo significant remodeling projects. This is particularly true if your focus is in the kitchen or bathroom. In the event that the remodel causes your market value to increase, your existing home insurance policy may not be adequate any longer. It is important to review your policy after remodeling to ensure you are covered in the event of a disaster.
When you make security improvements to your home that can protect accidents from occurring, you will usually immediately reduce the insurance company’s risk. These improvements can be anything from flame-resistant roofing materials to a security system. When safety and/or security improvements are made, it is important to speak to your insurance agent, as there may be savings in store for you.
Swimming Pool Installation
If you decide to add a swimming pool, trampoline, or other potential hazards, you should speak to your insurer beforehand. Although these items can be incredibly fun, they also increase the risk of an injury to occur. More often than not, an increase in your home insurance coverage will be needed to ensure you are properly covered.
If you have decided it is time to review your home insurance policy, speak to Lana Insurance Center Inc., serving Wallingford, CT.