Homeowners insurance is there when you need it, but homes frequently change—even just over a single year. New and experienced property owners often don’t realize that their insurance must be updated to account for and protect the changes and new additions. By updating your provider, you will preserve the investments that have improved your home. 

When Should You Revise Your Homeowners Insurance? 

1. Construction & Renovations

A major home renovation can increase the property’s insurable value, and it’s as much of an investment as the house itself. For instance, a homeowner spends $30,000 on a new kitchen, including new counters and cabinets. If the insurance isn’t updated with the increased value, the homeowner will likely not be fully protected in the event of a major loss.  

Over time, many also build additions, like a guestroom, another bathroom, or an outdoor living space. They add comfort and convenience and increase the insurable value of the home. Since homeowners insurance limits are based on replacement value, the policy needs to be updated to include the new additions. 

2. New Gadgets

Between the holidays, birthdays, and anniversaries, homeowners may have received gifts that deserve to be protected. To mark memorable occasions, people often receive the latest piece of art, jewelry, or collectibles. They should be accounted for in the personal property inventory, so the valuables are insured. 

3. Safety Features

Many homeowners insurance providers offer discounts when security is prioritized. Adding deadbolts, a sprinkler system or a fire extinguisher, smoke or carbon monoxide alarms, and a new security system will protect your home. Since insurance companies measure risk, they’ll view these additions as a risk decrease. In turn, homeowners will be entitled to discounts. 

4. Home Business

More individuals are starting their own businesses, and it makes sense to take those first steps from home. However, your current policy likely doesn’t cover a home business. You probably need a commercial insurance plan to protect it in case of loss, theft, or disaster. 

When it’s time to review your homeowners insurance, reach out to Mid-Alliance Insurance Associates, LLC. A change in your home’s status may mean a change in your premiums. As independent agents, they can shop around for the additional coverage you need without exceeding your budget. For nearly 25 years, Lincoln, NE, residents have relied on their extensive services and their vast array of options. For more information on their coverage areas, visit their website. To schedule an appointment, call (402) 421-7800.