The best defense in the home insurance game involves proactive planning and thoughtful coverage adjustments. Having the proper coverage in place can save you money every month, protect new valuables or renovations, and provide peace of mind with a level of coverage that has your back in the event of an emergency, burglary, or accidental damage. So, how do you know when it’s time to update your home policy?
Finished Remodels & Renovations
After investing a significant sum into a new bathroom, roof, or second garage, you may need to recalibrate your policy to sufficiently cover the addition. Most policy coverage limits are based on your property’s total value, so you must inform your insurance company of any changes so they can adjust the value of your home. You may end up paying a slightly higher premium each month, but you’ll be glad you adjusted if you ever need to file a claim in the future.
Expensive Interior Additions
From furniture and high-end art collections to valuable electronics and appliances, any major interior additions should be written into your policy. If you have a comprehensive policy that already has a generous allocation set aside for furniture and other valuables, smaller additions may not push you beyond your coverage threshold. But, if you purchase items that break through the boundaries of your coverage limits, it’s important to contact your insurance company with detailed information about the new items so they can defensively adjust your level of protection.
Take Advantage of Home Policy Savings
There are a variety of ways to save money on a home insurance policy when lifestyle changes or safety upgrades reduce the likelihood of property damage or loss. Insurance companies reward customers for keeping their possessions in good shape, and you may be able to access significant savings if any of the following apply to your situation:
Recently Retired: The insurance company will reduce your rates because retirees spend more time at home, reducing the risk of burglary or damage to property.
New Security System: Security-conscious homeowners benefit from noticeably lower rates. Fewer burglaries and break-ins save the insurance company (and you) money since fewer claims are filed.
Sold Off Expensive Valuables: If you are downsizing, the insurance company wants to know about it. Any high-end valuables that are sold or donated may reduce the amount of coverage you need. This also applies to downsizing of the home itself; if you tear down a barn, spare bedroom, or get rid of a garage that was covered by your policy, let your insurance company know about the changes for savings across the board.
Have Your Policy Professionally Evaluated
Along with the strategies mentioned above, you can access a free policy evaluation from our public adjuster in PA for crystal-clear coverage analysis. We’ll let you know if there are any gaps in your coverage like overlooked dog-bite coverage, flood protection, and other important considerations to keep you protected and prepared.