Your homeowners insurance policy protects you against liability, financial loss due to fire or storms, and theft and vandalism. It is a crucial part of your financial plan, and you should update it each year when it is up for renewal to keep it current. However, Robert Taylor Insurance, the most trusted home, auto, and life insurance agency in Lorain, OH, suggests you also update your homeowners insurance under the following circumstances. This independent agency represents some of the nation’s most recognized insurance brands and is proud to offer top-quality products and exceptional customer service.

When to Update Your Homeowners Insurance Policy

When Your Assets Increase

If your assets have grown recently through an event such as an inheritance, a successful game show appearance, a lottery win, or other circumstance, you should review your homeowners insurance liability coverage. Make sure your liability limits protect your recently acquired assets in case you are sued. Assets above the limits of your liability coverage are vulnerable should you face catastrophic judgment, so raise your limits as needed.

When You Remodel Your Home

When you remodel your home, its value almost always increases, and the changes may affect the cost to rebuild. After having major work done, be sure to work with your agent to reevaluate the coverage you need. That way, you won't be caught unprotected should the worst happen.

When You Buy an Expensive Item

Homeowners insurance usually covers the personal property within your home as well as the dwelling itself, so when you purchase something expensive, take the time to revamp your home insurance coverage. Let your agency know of the purchase and work together to adjust your policy and premiums to accommodate it.

In addition to homeowners insurance, Robert Taylor Insurance in Lorain, OH, specializes in renters insurance, car insurance, and life insurance to help you protect the people and things that mean the most to you. Visit their website for contact details, or call (440) 277-5191 to speak to a friendly, knowledgeable agent about your coverage needs.