It's not uncommon for homeowners to purchase an insurance policy and assume everything will be covered. In reality, you often need to update your homeowners insurance over time. The guide below highlights a few of the most common situations that require a review.

Why Should You Adjust Your Homeowners Insurance?

1. New Features

Have you installed a swimming pool, trampoline, or security system since you originally purchased your insurance policy? Each of these features can impact coverage in different ways.

Swimming pools and trampolines pose risks that open you up to liability claims from guests if they’re injured while using them, so verify your liability coverage after purchase. On the other hand, security systems are seen as positive features, and you could receive a discount on your policy for installing one.

2. Home Renovations

Home renovations are a significant investment for homeowners looking to increase the value of their property. As the value rises, your housing replacement cost could become insufficient at covering losses if they occur. An insurance agent can guide you through assessing your home's new value and increase your coverage as needed.

3. Home Business

Many homeowners have taken the plunge and started their own businesses working from home. However, standard homeowners insurance policies typically do not cover business equipment or liability for home-based businesses. Talk to an insurance agent who can advise you if a separate policy is needed, or help you adjust your current policy if necessary.

Homeowners in the Phoenix, AZ, area can depend on the agents at Insurance Savers to find the best homeowners insurance policy for their circumstances and budgets. With over 20 years of experience to rely on, they can answer questions and evaluate your needs. Call (602) 265-9311 for a free quote, or visit them online to learn more about their services.