Your home is probably your biggest investment, and it also happens to be the place you live. It makes sense then to keep it well insured in case something unexpected happens. You don’t want to be caught without insurance coverage when you most need it. It’s good to have that safety blanket of insurance, but to make sure it’s as effective as possible, you must keep it updated. Here are some reasons why.
There are lot of discounts that insurance companies offer, and you could be missing out on some savings if you have recently added anything to your home that may qualify for a discount. Maybe you’ve just invested in a smart home security system. This can lower your premiums, but you have to let your insurance company know about it first.
If you build an addition, or extra space onto your house. Maybe you needed an extra garage and had one built. If you make any additions to your house, you must let your insurance company know so that everything can be covered under your homeowner’s policy. It will most likely make your premium go higher, but you need coverage for safety and peace of mind.
If your house is a bit older and you decide to update, make sure you let your insurance company know. Rewiring an outdated electrical system or replacing the roof are two situations where the updates could lower your premiums, since they increase home safety and reduce risk of fire.
If you purchase some pricy items like an elaborate home theater system, or expensive jewelry that you will keep in your house, it’s a good idea to update your homeowner’s policy to reflect that. Many policies have riders for specific expensive items.
Basically, it’s a good idea to update your homeowner’s policy every time you add or take something from your house. It’s for your own protection.