10 Reasons to Review and Update Your Homeowner’s Insurance
If you haven’t reviewed your homeowner’s insurance in a while, then now is the time to do it before summer arrives. Summer presents a range of risks you don’t have to worry about the rest of the year, so you need to make sure you’re protected. Here are ten reasons you should review and update your homeowner’s insurance policy before summer rolls in.
Increase in Personal Property Values
Did you receive expensive gifts or did you give some to your family this past Christmas? If so, then your personal property value might be considerably higher now that it was last year at this time, and your policy needs to reflect that change.
If you have a swimming pool, you need to make sure you let your insurance company know, even though it will raise your premiums. Swimming pools are notorious for causing injuries every summer, so you will want to ensure you’re covered in case someone gets hurt on your property.
Just like swimming pools, trampolines are fun but they can pose a high risk of injury. You need to make sure your trampoline is included in your policy before the neighborhood kids start using it.
Did you adopt a new pet over the last year? If so, then you need to let your insurance company know about the addition, so you’re protected in the event your pup bites the mailman’s leg.
If you added an addition to your home or made other home renovations, then you will want to include them on your homeowner’s insurance policy. Or, if you’re making the renovations this summer, then you may also want to increase your liability insurance if you’re using contractors to protect yourself in case a contractor is injured on your job. Once the project is complete, make sure your housing replacement cost reflects the updates.
Barbecues and Cookouts
If you like to cook outside on the grill in the summer, then you need to follow proper safety protocols, like keeping your grill several feet away from the side of your house. Every summer, homes go up in flames because of careless barbequing. Don’t let it happen to you, but you should be covered for it in case it does.
Started a Home Business
If you left your 9 to 5 job and started your own small business this year, then your entire income depends on your business. Not all insurance policies cover home businesses, so check to see if your does. If it doesn’t, you may want to purchase a separate commercial business insurance policy.
You Got Engaged
If you got engaged this past winter, then you will want to ensure your homeowner’s policy is adequate enough to cover your new ring. If you’re planning on holding your wedding in your backyard, then you’ll also want to make sure your liability insurance is sufficient, or get more coverage if it’s needed.
Renting Out Your Vacation Home
Renting out part or all of your vacation home can be a great source of income over the summer. But, with a range people flowing in and out of the house all summer long, your risk levels increase exponentially.
So before you accept your first tenant or renter, talk to your insurance company first. You want to ensure that renters are covered under your homeowner’s policy and if you’re living elsewhere, then you’ll also want to make sure anything you might lose or have stolen on your trip are also covered.
Safety Upgrades to Your Home
Summer is prime time for burglars because so many people are away from home for extended periods. If you have taken a proactive approach to securing your home by having security upgrades installed, then call your homeowner’s insurance and tell them about it. You may even qualify for a discount on your premiums.
On the other side of the coin, if your home is burgled and you didn’t take any precautions to dissuade thieves, your insurance company could possibly deny the claim. Even worse, should a thief get injured trying to steal from you, you could find yourself facing a liability suit, so make sure you have enough coverage to help protect against your burglar from taking you to the bank.