Why Your Homeowners Insurance Policy Should Change along with Your Home

Even after purchasing a home and settling in well, your new home never really stays the same. Over time, a number of changes will be made, be it as a result of financial growth, marriage, or the presence of children. These changes can then increase the value of your home to twice what it used to be. It is important to change your homeowners’ insurance policy as more changes are made to your home. In the event of an emergency, accident, or any other unforeseen circumstance, this can protect you financially and serve as an incredible contingency plan as time goes on.

Home Insurance Policy

You might be wondering why an update to your homeowners’ insurance even matters. Here are some things to consider:

· There are certain improvements that could enhance the value of your home. For example, the addition of a mini quarter in the backyard of your home or the installation of a pool can enhance the value of your home, which is why you need an updated or different homeowners insurance policy.

·Also, the purchase of expensive items such as furniture, electronics, home appliances, and so on might require extra coverage insurance-wise. This is because they also need protection as much as the house itself in the event of any natural disasters.

·Just as the purchase of expensive things in the home needs more coverage, so do the valuables you possess. Valuables such as jewelry, family heirlooms, antiques, and expensive artwork are not always covered by the basic homeowners insurance policy, which is why a floater or rider will be needed as an addition to your policy for coverage.

· It is also important to be aware that you will be held legally responsible for the actions of whoever drinks in your home and is then involved in an accident. So, you have to be sure that your homeowners’ policy protects you against lawsuits or other damages in case you find yourself in such a situation. If your policy doesn’t offer this protection, it’s worth updating it.

·Certain items that could end up causing someone an injury in your home, such as a trampoline or swimming pool in your backyard, will need an excess liability or “umbrella” policy that is guaranteed to protect you in case someone gets injured by it.

·Most importantly, you should be aware of what your homeowners’ insurance policy covers and what it doesn’t. Most people believe, for example, that flood damages would be covered by a standard homeowners insurance policy in the event of a natural disaster. To avoid being caught off guard, review your policy and consider purchasing additional coverage.

As your home experiences more changes over time, these are some of the things to consider updating in your policy. For assistance with all your insurance needs and any questions you may have, contact the experts at Miller Carlisle Insurance Services in Carlisle, PA. We look forward to helping you with all your coverage needs.