When To Update Your Home Insurance

​The significance of homeowners insurance is not new to us. However, it's a common misconception that when you've acquired your house insurance plan, you're finished with it. Well, this is not the case. 

Often, it's necessary to update your homeowner's insurance coverage to adjust to the changes in your home and way of life. If you don't upgrade your coverage, you may not be fully protected if your home is burglarized, burned down, or otherwise damaged.

What is Home Insurance?
Home insurance is an important but underappreciated type of coverage accessible today. Not everyone knows homeowners insurance is a financial commitment to secure your home and personal belongings. 

Additionally, this policy covers a wide range of risks, specifically, when theft of valuables or burglary  happens and damages to your house that could be caused by:

• Earthquake
• Hurricanes, Floods, Fires, and Tornado
• War, ‘Acts of God’, 
• Vehicles, Tractors, ATV, etc.

When Should I Update my Insurance?
When you buy your insurance, you might think you have the coverage you need forever. But, it's not always the case. As changes are inevitable, it's essential to keep your premiums up to date to get the protection you and your home need.

So, if you're unclear about when you should upgrade your premiums, here are some circumstances for you:
​

1. Getting a Pet
   It's exciting to welcome a new family member into your home. Nonetheless, if someone gets hurt because of your pet, you will be liable for the medical bills. Hence, getting your insurance updated could help you cover the damage done.
   
   
2. Home Improvements and Renovation
   If you consider adding a new storage shed or want to update and remodel your home; It's time to renew your insurance policy. With an insurance policy, a portion of home renovations can be covered, so if anything goes wrong, you won’t have to worry.
   
   
3. Purchasing an Expensive Item
   Scheduled personal property is a supplemental insurance policy that extends coverage beyond the standard protection provided in a homeowners' insurance policy.
   
   To put it into context, if you recently purchased jewelry, a gadget, art, collectibles, or anything high-end, it's time for you to check your current insurance plan. 
   
   Another instance is when a high-value item requires replacement. Home insurances have restrictions on how much you can collect, and they often don't cover the total replacement price. So it is smart to have the additional coverage if you value your item.
   
   
4. Leasing your House
   You may need landlord insurance if you intend to rent your home. Mainly, there are two types of landlord insurance; a landlord policy and a hotel or bed and breakfast policy. 
   
   To be exact, a landlord policy is required if you plan to rent your home to the same individual(s) for 6 months to a year or more. On the other hand, the bed and breakfast policy is needed if you expect to rent for a short period of time with different individuals.
   
   
5. Retirement
   A change in your lifestyle can also affect how your home should be protected. Hence, if you're planning on retiring, it is important to contact your insurer and talk about renewing your insurance policy.

Conclusion
It's easier to make changes when you know that your investments will be safe. 

It's just as vital to keep your homeowners' insurance policy up to date as it is to purchase one to begin with. This should help you feel at ease because it can save you so much in the long run.

At Family Auto Insurance Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (313) 285-9042. You can also request a free quote by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agency to go over your existing coverage. We are happy to help you make sure your needs are being met!