Your home is kind of a big deal. You spent a lot of time working and saving so you could buy it. Doesn’t it make sense to protect it? That’s exactly what homeowners insurance is supposed to do. Of course, how much insurance you should have depends on your situation. Since those tend to change throughout your life, there are times when increasing your insurance is worth thinking about.
After Major Renovations
There are plenty of major home renovations you can do to upgrade your home, with multiple reasons to do them. Regardless of what renovations you do, once you’re finished it may be a good idea to look at your homeowner’s insurance policy. Renovations tend to increase home values, so what used to be enough coverage may not be enough anymore. You can expect to pay more for more coverage, but that should mean that less comes out of your pocket if you end up needing to file a claim down the road.
When You Gain Valuables
Homeowners insurance doesn’t just cover your home. It can potentially cover some of your belongings too. That can be of great value if you have valuable furs, electronics, or jewelry. Insuring valuables such as jewelry requires an appraisal from your insurance company. That helps them make sure that the coverage you have is appropriate for the valuables you’re ensuring. Consider looking into extended coverage if you don’t feel that your current policy offers enough protection.
If You Get a Dog
Dogs are often referred to as man’s best friend for a reason. These lovable pets offer companionship, loyalty, and comfort to their owners. Unfortunately, they can also increase your liability risk. Owners may be held liable if their dog bites someone. If you get a dog, consider adding dog bite liability coverage to your homeowner’s insurance policy. That can help protect you financially if your dog bites someone. Keep in mind that some homeowners insurance policies may not cover certain dog breeds, so it’s a good idea to be familiar with that aspect of your policy before you get one.
While you aren’t legally required to carry homeowners insurance, having a policy that gives you good coverage is still the smart thing to do. If you make major renovations, come into possession of more valuables, or get a dog, it may be time to think about increasing the amount of homeowners insurance you carry. That way you can make sure your coverage keeps up with your needs.
We offer lots of great options to protect your property and other assets. If you’re looking for a new homeowners insurance policy, get a quote here!