Homeowner’s insurance is one of those things that homeowners hope they’ll never have to take advantage of. That’s why it often is the last thing homeowners think about when they get a remodel or buy big-ticket items. But, there are times when it’s a good idea to review that policy. Here are five times in your life when you need to dust off your homeowner’s insurance policy and review it:
1. A remodel or a major repair.
Are you about to add an addition or get a new roof? Get your insurance agent to re-look at your homeowner’s insurance. Some home improvements can actually cut your premiums, while other changes (like getting a new pool) will increase your risk. Find out which changes to your home will increase or decrease your premium before committing to those updates.
2. Change your lifestyle.
Some life changes can provide you with discounts. For example, if a member of your household quits smoking – making the house smoker-free – your insurance rates may go down. Additionally, retirees from specific professions could qualify for a discount, so be sure to take a look at that once you retire.
3. Get more secure.
Installing a home security system, purchasing a fire extinguisher, and installing a smoke alarm in each room can all cut your homeowner’s insurance costs. So, if you have been thinking of taking advantage of an alarm system deal, talk to your insurance agent about how much money it will save you. You may get peace of mind and a heavier wallet at the same time.
4. Buy expensive items.
Pricey items like a huge flat screen tv or expensive computer equipment might not be completely covered by your existing insurance. Insurance coverage will only protect up to a certain limit, so if you are worried about the safety of your new diamond tennis bracelet, contact your insurance agent and make sure this lovely item is insured against home burglary.
5. Work from home.
Many homeowner’s insurance policies will protect equipment for home-based businesses up to a certain amount. However, customers may not be covered and some work supplies may not be covered. Check with your agent to find out if you need to buy a business policy as well as a homeowner’s insurance policy.
At Innovative Benefits Group, we work hard to make sure you pay the lowest possible rate for the best insurance. Contact us today to find out how you can obtain the best homeowner’s insurance policy for your needs.