Because circumstances change over the course of a year, it is important that you review your homeowners insurance policy annually to make sure you're adequately protected. Below, Zach Plackemeier - State Farm Insurance Agent in Florissant, MO, discusses some of the reasons you might need to revisit your coverage. This information should make you aware of some of the changes that can impact your home insurance needs.
5 Reasons You Should Review Your Homeowners Insurance Policy
1. You Made Renovations
If you renovated the house or built an addition, your home may be much more valuable than it was. To be sure you have enough dwelling coverage, review your policy limits to see if your insurance would cover a total loss.
2. You Installed a Swimming Pool
Not only does a new swimming pool increase the value of your home, but it also poses liability risks you didn't face before. Consider increasing your liability coverage to protect yourself against a potential injury or lawsuit, and review the policy to make sure you are compliant with all the insurer's requirements. Many won't cover a slide or diving board, and most require you to install a fence with a locking gate around the pool.
3. You Made a Significant Purchase
If you bought an expensive item of personal property such as a baby grand piano or a piece of jewelry, you might want to increase your personal property coverage to account for it. To be sure you receive the whole value of the item in case of a loss, you might have to purchase a rider for a small additional amount.
4. You Got a Dog
A dog can be a terrific addition to the family. However, until they are thoroughly trained, they can behave unpredictably. If your dog bites a neighbor, you could find yourself paying for medical bills or involved in a lawsuit. Consider raising your liability coverage limits in response.
5. You Made Outdoor Improvements
Finally, you should revisit your coverage needs if you made outdoor improvements to the home. For instance, if you installed a sprinkler system, built a shed or garage, or invested a considerable amount in landscaping, you'll want to make sure your policy covers damages.
It makes good financial sense to update your homeowners insurance policy every year. To see if you can improve your coverage or lower your rates, contact Zach Plackemeier - State Farm Insurance Agent in Greater St. Louis. They also specialize in business, auto, and life insurance, so they are a one-stop solution for all your coverage needs. Visit their website to connect with them online or call (314) 921-7900 to speak with an experienced insurance agent.