After purchasing home insurance, most people file the policy documents away and don’t look at them again until they report a claim. The team at Farmers Mutual of Tennessee suggests you review your coverage periodically. Look over the terms of the policy especially after making any significant upgrades to the property because these may call for additional coverage. Here are some of the most common renovations that could change your insurance needs. 

Home Upgrades That Require Additional Coverage 

1. Swimming Pool

If you install a swimming pool or hot tub on the premises, you may have to increase your liability coverage significantly. Water features are inherently dangerous, and those who have one on their property must have measures in place for potential personal injury lawsuits. To mitigate at least some of the risk, most home insurance providers have specific requirements that policyholders must meet before they can extend coverage. For example, you may have to install a fence with a gate that locks around the entire pool. 

2. Room Addition

Putting an addition on your home will increase the total cost of rebuilding the structure in the event of a covered loss. As such, it warrants a review of your current home insurance. Chances are your existing coverage will not be enough to rebuild the entire home once you complete the addition. 

3. Basement Apartment 

Converting your basement or garage attic space into a small apartment for either short- or long-term renters opens you up to all kinds of liability. Therefore, it will be necessary to add an endorsement to your home insurance policy. You will undoubtedly have to buy more rebuilding coverage, as well, because the apartment will increase the value of your home significantly. 

By following these suggestions, you may be able to ensure you’re covered when life happens. For more information on protecting your property, get in touch with the team at Farmers Mutual of Tennessee. Since 1913, they have provided quality insurance coverage at an affordable price to residents throughout the state of Tennessee. Their local independent agent will be happy to help you find the right coverage for your home, mobile home, rental dwelling, or farm at a price that suits your budget. Give Farmers Mutual of Tennessee a call today at (800) 824-9555, and visit them online for more information.