Your homeowners insurance policy is a crucial line of protection between your physical assets and your finances. With coverage from the right policies, you can rest assured that if anything does happen to your home, your insurance company will step up to the plate to help with the costs. Here are three reasons to update your homeowner’s insurance policy. 

Why Update Your Homeowners Insurance Policy?

1. Rentals

Renting out your home when you are away can be a profitable venture, but not if people staying in your home create damage not covered by your homeowner’s insurance policy. Before participating in vacation exchanges or renting out your property full-time, make sure your policy extends to anyone staying in your space. 

2. Upgrades

The insurance coverage you have on your home should be sufficient to cover the cost of the full replacement, should anything happen to your place. However, many people forget to update their homeowner’s insurance policy as frequently as they update their home. 

Whether you renovate your kitchen or update your entire space with high-end finishes, it’s important to sit down with your agent to talk about coverage. While many standard policies cover builder’s grade materials, you may need supplemental coverage to replace custom additions like natural stone countertops, crown molding, or home automation systems. 

Contact your agent if you make changes to your outdoor space, too. Adding a pool, a trampoline, or a playground could boost the amount of liability coverage you need, since visitors could get hurt if they come over to play. 

3. Threats

Whether you live near grasslands prone to wildfires or a friend in another state has experienced a household flood, it’s important to think about common perils in your area and add the necessary coverage. Talk with your insurance agent about rates for additional policy riders that cover threats like storm damage, theft, or vandalism. 

Anytime you have questions or concerns about homeowner’s insurance, turn to the specialists at Hummel Insurance Services in Oakland, IA. Since their inception in 1944, these specialists have been committed to listening to their customers, offering targeted advice, and pairing people with policies that offer peace of mind and support during hard times. Request a complimentary quote online, or give their office a call at (712) 482-6424.