Having a homeowners insurance policy in place is essential to protecting your most precious investment. Over time, your existing policy may fail to offer sufficient coverage, especially when changes occur to your home. In this case, increasing your insurance limits is recommended to ensure you remain protected. 

When Should I Make Updates to My Home Insurance Policy?

1. You’ve Installed a Pool on Your Property

A pool can be a fun addition to your home and may even increase your property value. However, insurance companies have a different view of home views. Pools are considered an attractive nuisance, meaning they’re likely to attract children from the neighborhood to your home. Even if children trespass on your property, you may be considered financially responsible for any injuries that occur. Along with contacting your insurance company, it’s also recommended that you secure home pools properly to prevent liability issues. 

2. You’ve Made Home Improvements

Insurance premiums are calculated based on a number of factors. This includes square footage, the value of features and fixtures, and the unique set of risks that you are facing. If you build an addition on your home, you’re increasing the square footage. If you update a room in your home, such as a kitchen or bathroom, you’re increasing its value. These changes have a direct impact on your home insurance rates. 

3. You’re Worried About Your Liability Risk

Liability issues can result from instances other than home pools. A broken sidewalk, a faulty set of stairs, or a falling tree can result in a costly lawsuit filed against you. Even if you’re ultimately absolved of the charges, you might still be on the hook for court costs and legal fees. Increasing your liability coverage is recommended in this case, as legal actions can become expensive pretty quickly. You may also consider purchasing a rider policy, which expands the financial limits of your current homeowners insurance policy. 

Whether you’re shopping for new homeowners insurance or dissatisfied with your current policy, BestRate Auto Insurance is here to help. Offering more than just auto insurance to clients in Statesboro, GA, this company leverages its solid relationships with multiple insurance carriers to find you the right policy at a price you can afford. If you have questions about your policy and whether it still meets your needs, you can contact a helpful insurance agent for insight. Learn more about their home insurance options online or call (912) 489-5942 to get started on a quote.