Many of us wait until it’s time to annually renew our home owner insurance policies before we give a second thought to the kind of coverage we have. Not reviewing your home owner insurance policy until it’s renewal time is a mistake. Your home owner insurance policy should be reviewed as often as any safety changes are made to your home; as often as any additions, alterations, or improvements are made to your home; and as often as you make any changes in your lifestyle.
If you make any safety changes to your home, you could actually get a cheaper rate for your home owner insurance policy. Why? Because adding safety features means that you are taking the necessary precautions to help make sure no one, including yourself and your family, is injured in or around your home. If you make safety changes, you are telling your home owner insurance company that you are at a much less risk for having injuries occur on your property because you are taking safety seriously.
When you add additions, or make alterations or improvements to your home, you need to notify your home owner insurance agent as soon as possible so you can review and update your home owner insurance policy. If an accident should occur after you’ve added additions, or made alterations or improvements, you may not have the adequate coverage you need. For example, if you build a spacious deck overlooking the mountains and don’t add it into your home owner insurance policy, you may not have the coverage needed if a freak windstorm later blows the whole thing away.
There are several lifestyle changes that can affect your home owner insurance policy. If your adult children move back home, tugging their spouses and children with them, there are going to be several more people and many more possessions that will need to be covered under your home owner insurance policy.