Your homeowners insurance policy protects you against storms, fires, vandalism, and potential liability. It’s an essential coverage, but it’s not something you can buy once and forget about. Rather, you should review the coverage and your needs each year to see if you need more or less protection. Here are some of the reasons an annual review is important.

4 Reasons to Review Your Homeowners Insurance Each Year

1. Significant Purchase

If you've made a few large purchases recently—for instance, expensive jewelry or artwork—your coverage may now be inadequate. In fact, you might need to add a rider that covers these particular items, specifically in case they’re stolen or accidentally destroyed.

2. Recent Renovations

If you've remodeled, renovated, or installed an addition to your home, the cost to rebuild it may be significantly higher than it was last year. Your current limits may not be enough to cover these elevated costs in the event of a fire or other total loss.

3. New Pool

An "attractive nuisance" like a swimming pool or trampoline can draw unwanted visits from kids in the neighborhood, especially when you're not home to supervise. However, you'll still be liable for any injuries, so you might want to increase the liability coverage limits of your homeowners insurance policy.

4. Family Addition

A new spouse, child, or pet in your household can alter your circumstances enough that you need different coverage. For instance, if a dog should bite a neighbor, the medical and legal costs could be considerable. Moreover, the combined valuables of a new marriage—plus the added wedding gifts—might require additional personal property coverage.

To review any recent changes to your situation and see if you can reduce your homeowners insurance rates, contact Barron Mutual Insurance Company in Wisconsin. They've been serving Bayfield, Burnett, Washburn, Sawyer, Polk, Barron, Rusk, and Dunn counties since 1891 and have a long record of success. They also offer mobile home, seasonal property, and farm insurance. Visit their website to learn more about their policies, or call (715) 537-5141 to speak with a friendly, knowledgeable professional.