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Update Your Homeowners Insurance Policy for These 7 Life Situations

When was the last time you checked on the terms of your homeowners insurance policy? If your policy comes up for renewal or if you experience any of these seven common life situations, it’s time to reassess. You may need to raise or lower your coverage accordingly. Or, it may be time to shop for a new policy that better fits your current needs. If that’s the case, start by conducting an easy homeowners insurance quotes comparison with CoverHound today.

You Add Outdoor Entertainment

Installing a pool? Assembling a trampoline? Building a tree house? Not so fast. These ‘toys’ may increase the risk of someone sustaining an injury on your property. Homeowners should check with their providers to see if they cover these risks and increase liability protection accordingly. If someone gets injured, you will be on the hook for medical bills and legal costs.

According to HuffPost, high injury rates for trampolines have led some insurers to restrict coverage unless homeowners add a net and spring pads. It’s up to you to check your policy and find adequate coverage before bringing risky leisure equipment onto your property.

You Renovate Your Home

Whether you’re reroofing for the first time since you moved in, adding an addition or any other home renovation, you’ll need to adjust your homeowners insurance policy to match. Certain renovations, like updating your roof to be stormproof, can lower your monthly premiums. On the flip side, many renovations add value to the home, meaning you need more protection.

Someone Moves Out or In

Your oldest child may go away to college and take out their own renters insurance policy to protect their belongings. Or, you may have a baby. Your aging parents may move in with you. You may go through a divorce. Whatever the case is, you’ll need to call your agent and update your policy to reflect changes regarding who’s on the policy and who is not.

You Obtain Valuable Possessions

Whether you recently inherited the family jewels or you’ve expanded your art collection since the last time you took out homeowners insurance, it’s time to make sure your new possessions are fully covered. You may need to add a rider (also called an endorsement) to your standard policy to protect these high-value items.

You Get a Dog

From the moment your eyes met Fido’s you knew he was coming home with you. But given that more than one third of homeowners insurance liability claims stem from dog bites, you’ll need to check with your insurer first. In addition to getting your precious pooch covered under your policy and ramping up your coverage limits, you’ll also need to make sure you’re adhering to any breed restrictions your insurer imposes.

You Beef Up Security

It’s simple: Improving security reduces the likelihood you’ll experience theft or vandalism. Therefore, adding a high-tech security/alarm system can earn you policy discounts. Call your agent or find one who rewards these efforts.

You Start a Home Business

At some point, you’ll likely need to take out a designated business insurance policy to protect your home-based business. But to start, a rider to your existing policy may be enough to cover your equipment and operations. Talk to your agent about your options here.

These seven life situations signal it’s time to revisit your homeowners insurance policy—it’s time to add coverage, redeem a discount or even take out new coverage altogether. Get started with a personalized homeowners insurance quote comparison from CoverHound.

Insurance shopping simplified

Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.

Insurance shopping simplified

Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.

Insurance shopping simplified

Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.
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