“Anybody who owns his own home deserves it.” – Alan King
It isn’t easy being a homeowner. I’ve been one for over three years now and when stuff breaks, my first urge is still to grab my phone and look for the landlord’s number. Blame 30+ years of apartment life, I guess. I’ll occasionally say out loud, “Someone needs to take care of this place!” I’m sure many of you have done the same. But here’s someone I bet you didn’t call – your insurance agent.
Sometimes updating your home should be followed shortly after by updating your policy to protect it.
“My policy updates itself!”
Well, kind of. Many policies include an inflation guard that increases your property coverage each year. Without this, that policy you took out on a 2-story home in 1996 would only rebuild one of your stories today.
What I’m referring to though, is changes in what insurance professionals call “exposure” – any aspect of your property that could suffer a loss.
Did you add on a new wing? Let’s update that square footage and coverage limit to protect your hard work.
Did you bring home a new friend from the animal shelter? More pairs of paws on your floors also means more potential for bites or scratches to visitors. Let’s check on your Family Liability limits.
Have you been working at home thanks to COVID-19 and its variable friends? A small amount of Incidental Office coverage could go a long way if you suffer a loss, as business property usually isn’t covered by your homeowner policy without an endorsement.
Did you buy that trampoline the kids have been begging you for? Just in time for the birthday party too? Great! I’ll send you an application for a Personal Umbrella now.
I could go on, but I think you get the idea. An alternative approach would be to call your account manager to talk about coverage options before you make the trip to the sporting goods store (or hardware store, or animal shelter, etc.)
It’s not just about adding coverages – renovations and updates to your home may also qualify you for discounts. A new roof or updated heating system will save you money on your utility bills, but it might also qualify you for a discounted rate from your insurance carrier.
Surprises are great for birthday parties, but not so great when it concerns your insurance. Instead of wondering what will happen, know what will happen – give us a call today.
