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Your homeowners insurance should adequately cover your possessions and property, but over time, your needs will likely change. As your family grows and you remodel your home, you’ll need to tweak your home insurance policy to reflect these changes. Below is an in-depth look at what factors will affect your homeowners insurance and how often you should update it. 

When Should You Make Changes to Your Homeowners Insurance?

Report New Possessions Every Year

Your home insurance provider needs to be aware of any new items you add to your property. If anything were to happen to your home, they’d be able to provide adequate coverage for your claims. Each year, inform your agent of any changes that may have occurred, such as purchases of new possessions and items you’ve added to the household. It’s important to do so because you may be eligible for additional discounts on your policy, but you’ll only know if you update it annually. 

homeowners-insuranceAlways Include Home Improvements 

One of the most important items to include on your homeowners insurance policy is any home improvements you’ve performed. When you’re about to begin a remodeling or renovation project, notify your agent of the changes being made to your home; this is because you need to make sure any improvements have the appropriate coverage. When you build a new deck or replace your roof, the property value of your home will often increase, so your current policy needs to reflect it. 

Adjust for Inflation 

The cost of your property, as well as rebuilding your home, will increase over the years, so it’s a good idea to have an annual chat with your agent in case you need to adjust your policy for inflation. In some cases, your provider may offer inflation guard coverage, but it’s still beneficial to touch base with them each year for an update. 

 

Since 1989, the professionals from Robert Taylor Insurance in Lorain, OH, have been equipping residential and commercial insurance clients with a wide range of exceptional coverage. Whether you need homeowners insurance or want to get protection for your boat, they can help you find an affordable solution. To learn more about what they have to offer, call them today at (440) 277-5191. You can also visit their website for a complete list of services. 

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