Buying a home is a milestone purchase for millions of Americans each year, and with it comes the need for Homeowners Insurance. However, the policy you buy as a new homeowner might not offer the same level of protection over the years as renovations, additions, or changes occur. Our Aegis blog post today looks at three reasons why it may be time to update your existing Homeowners Insurance coverage.
Recent Big Purchases
When people first move into a new home, the value of their personal property might not very high as they are usually coming from smaller living spaces such as apartments or townhomes. Over time, homeowners often make big ticket purchases such as new furniture, appliances, electronics, jewelry, art, and collectibles that changes the total value of their personal property covered by insurance. To ensure that the value of all personal property is correctly reflected in Homeowners Coverage, homeowners should create a detailed inventory and value list of their property to ensure current coverage amounts are sufficient.
Home Improvement or Renovations
Homeowners may discover after several years that although still love their home, it's not meeting their current needs so renovations or additions may be needed. For example, a couple expanding their family might realize that an extra bedroom is needed, or bathroom and kitchen renovations would be helpful. These kinds of home additions or home improvement projects can add substantial value to the overall property value, and Homeowners Insurance should be updated to reflect those changes.
Addition of Pool, Hot Tub, or Trampoline
Additions outside of the home can also increase the overall value of a residential property, or change the premium amount due to a change in liability risk. For example, homeowners that add a pool or hot tub may need to adjust the Homeowners Insurance coverage to cover the value of the pool or hot tub in the event it is damaged or in need of repair. For homeowners that add a large trampoline, this can also impact the liability risk on the property, resulting in a slight premium increase.
Having Homeowners Insurance is an important part of homeownership, but it should be reviewed and updated regularly to ensure it covers the proper value of the home, land, and contents. Aegis Insurance & Financial Services helps homeowners get the coverage they need for what matters most, whether it's Homeowners Insurance, Life Insurance, Auto Insurance, or other kinds of personal insurance policies. Contact our Aegis office today at 713-850-7622 for more information about our full range of Personal Insurance policies, or go online to request a free quote today!