When you buy a home, one of the first things you need to purchase is Homeowners Insurance to protect against losses or damages that could hurt your new property. However, the amount of coverage you initially buy when you first move in might not be the amount you need later. In today's Aegis blog post, we discuss three reasons why you might need to update your Homeowners Insurance coverage.

Upgrades

After living in your home for a few years, or if you've purchased an older home, you might decide to upgrade areas of the house and add certain amenities. Significant upgrades and improvements to your home can increase the value, raising the overall property value. Examples might include a complete kitchen remodel, bathroom renovation, pool installation, new deck construction, or installing a backyard kitchen. It's important to ensure that your Homeowners Insurance covers the value of your upgrades and improvements inside and outside your home, or you could face a gap in coverage if you experience significant home damage. In addition, some upgrades, such as new pool, also increase personal liability risks, so it's a good idea to upgrade insurance to protect against these risks.

Addition or Expansion

As your family expands, it may become necessary to add on to your current home or expand out on your property. When these additions occur, they can also significantly increase the value of your home. If you've added another bedroom, enclosed a porch into a sunroom, or constructed living or office space above your detached garage, these expansions or additions can also alter the value of your home from your initial Homeowners Insurance coverage amount. By adjusting your Homeowners Insurance coverage to account for these additions and expansions, you ensure that your home is covered for the new square footage and living space.

Change In Risk

Sometimes our homes may remain unchanged but the surrounding community or region may experience changes that impact your home's value. For instance, if nearby development results in more rain runoff headed your direction, this could increase your risk for property flooding. Also, if crime rates begin to increase in your area, this could increase your likelihood for theft, vandalism, or robbery, and Homeowners Insurance may need to be adjusted to ensure you're properly covered for all your assets and property.

Aegis Insurance & Financial Services is proud to offer top quality Personal Insurance solutions to residents across the Gulf Coast region. Our team of friendly and experienced Insurance Agents can work with you to develop an insurance package that meets your family's unique needs at competitive rates. Give Aegis a call at 713-850-7622 for more information about our Homeowners, Renters, Auto, and Life Insurance, or fill out our online form for a free quote!