One of the most common mistakes people make when it comes to home insurance is buying a policy and never thinking about it again. Over time, situations change, and so can your coverage needs. As such, it’s important to review your policy often and make amendments when necessary. Failing to do so could leave you inadequately protected. Here are a few scenarios that frequently warrant an update.

When to Consider Amending Your Home Insurance Coverage

1. Remodeling

Many remodeling projects can affect your home insurance coverage. Some upgrades, such as building an addition, renovating the kitchen or bathroom, and finishing the basement, will boost your property value. This means you’ll require more protection to cover the cost of rebuilding in the event of a disaster. Other projects, like constructing a deck, installing a pool, or adding a home office, will raise your liability risk, warranting an increase to your policy’s liability limits.

2. Big Purchases

A major benefit of home insurance is that it will help repair or replace your possessions if they’re stolen or damaged by a covered event. However, standard policies only provide a certain amount of coverage. As you acquire new, high-value assets, including jewelry, artwork, and electronics, you should ensure you have enough insurance to protect these items fully. You may need to purchase an endorsement to extend your coverage.

3. Increased Safety & Security

Insurance companies generally reward homeowners with a policy discount when extra measures are taken to make their property more safe and secure, reducing the chances of filing a claim. Installing a security system, building a fence, and adding water leak detection sensors are all ways you could potentially lower your premium. Thus, you’ll want to review your coverage to ensure you aren’t missing out on a better rate.

4. New Dog  

Welcoming a new dog into the family is exciting, but it also creates a liability risk. Should it bite someone on or off your property, you could be held financially responsible for the other party’s injuries. In turn, you must check with your provider to see if you need higher liability limits to give yourself sufficient protection.

For help maintaining a reliable and affordable home insurance policy, turn to Texas County Mutual Insurance in Licking, MO. Their goal is to provide customized coverage solutions that offer maximum protection for each client’s circumstances. For more than a century, they’ve provided access to high-quality products that help homeowners effectively manage and mitigate their risk. Call (573) 674-3125 to schedule an appointment, or visit them online for more information about their services.