A solid home insurance policy is crucial to protect one of your largest investments. However, it’s not something that should fall by the wayside after you purchase a plan. Changes in your life may also call for changes in your coverage needs, so you need to update it periodically. 

When Should You Update Your Home Insurance Policy?

1. When You Renovate Your Home

Insurance policies for the home are based on variables, such as square footage and other factors. If you plan on renovating or adding onto the property, these changes will affect the value of your home. In this case, you should review your insurance to determine whether you should raise limits, which might not be sufficient in light of large updates. You might also want to increase liability limits in the event a contractor is injured on the job.

2. If You Plan on Renting Out Your Home

Renting out a property you own is a great way to earn passive income, even if it’s for a short period. However, not all home insurance policies cover renters, so you should check in with your agent first before making the leap. You might need to purchase a supplemental policy to cover renters as well as their belongings. These policies will protect you from lawsuits in the event another person is injured or experiences property damage while living in your home.

3. If You’re Installing a Pool

A pool is a great addition to a home, as it brings fun and relaxation right to your backyard. Pools can be a huge liability, however, especially when having larger gatherings with friends and family. Accidents happen, and resulting lawsuits can be extremely expensive, especially when serious injuries come into play. Head off liability issues before they occur by contacting your insurance company before installation. That way you can increase premiums and ensure they’re in place by the time your pool is ready for use.

Phil Taylor Insurance Agency offers reliable home insurance policies to protect what matters most. If you made recent life changes, these skilled insurance agents can help you tweak your policy to ensure it provides the highest level of protection possible. The Clarksville, AR-based firm also offers a wide range of other products, including auto and boat insurance, property coverage, coverage for motorcycles, renters’ insurance, and policies suited to business owners. They strive to make rates as affordable as possible to ensure you can secure the coverage you need. Schedule a consultation today by calling (479) 754-2616 or visit the website to learn more about your home insurance options.