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Home insurance covers losses to the structure of your house—as well as its contents—due to fire, storm, vandalism, and theft. It also provides personal liability protection that pays for repairs, and legal and medical bills if you should accidentally injure someone or damage their belongings. It's straightforward, but it's not something you can "set and forget." Below are some reasons why you might need to update your policy.

4 Reasons to Adjust Your Home Insurance Coverage

1. You've Installed a Swimming Pool

A pool is an "attractive nuisance" that draws kids from around the neighborhood. Because it can be the site of slips and falls and other accidents, it can be a liability risk. Therefore, talk to your insurance about whether or not you need to increase your liability coverage accordingly.

2. You've Remodeled the Home

home insuranceImproving your house—whether that comes in the form of an expansion or a renovation—often increases its market value. Your current policy may now be out of date—not sufficient for covering the replacement costs of the building. For instance, if your policy lists your home as being worth $250,000 and it would now cost $350,000 to rebuild, you'd be out-of-pocket for $100,000 if you ever need to file a total loss claim.

3. You've Purchased Expensive Items

If you have purchased any high-value items—such as high-end artwork, a classic car, or jewelry—since enacting your home insurance policy, they may not be covered if you ever have to file a claim. In many instances, these items must be appraised and called out in the policy if you are to receive their full value.

4. You Qualify for New Discounts

Home insurance companies offer a number of discounts to policyholders for taking certain actions. For instance, they lower rates for people who "bundle" coverage with them. Many also offer discounts if you upgrade your roof, install a fire or burglar alarm, or if you've been with them a certain length of time.

 

To update your home insurance policy, contact Accredited Insurance Group, Inc., an independent insurance agency in Omaha, NE. They are family-owned and have been operating in Douglas County for more than 30 years. They specialize in home, renters, and auto insurance and have built a reputation for attentive service. Visit their website to read what their clients have to say about them or call (402) 334-1780 to request a free, no-obligation insurance quote.

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