Date Posted: 2012-09-26 02:41:38
Site Posted: Myproperty.ph
One of the necessary steps that homeowners take to protect their property is to get home insurance. This gives them the peace of mind that they have a certain level of security for their home or their possessions. However, you shouldn’t assume that your policy right now will cover you forever; certain changes in the way you live will affect how much protection you will still have in the event of an emergency. If you’ve done any of the following lifestyle changes, it may be time to update your home insurance.
Luxury purchases
When you buy things like expensive jewelry or a new high-end home entertainment system, you have to tell your insurance company. Since the past accumulated value of your possessions has significantly increased because of recent expensive purchases, you’ll need to make sure that these items will still be covered should they get stolen.
Home improvement
Whether you’ve added a couple of feet to your kitchen or an entire room as a home office, it’s necessary to review your home insurance coverage or you might end up being underinsured, since these remodeling jobs are not noted in your policy. On the other hand, if the changes involve an increase in protection against security issues (fire sprinklers, burglar alarms, etc.) or disaster (reinforced window glass, more durable roofing material, etc.), you might be entitled to a discount.
A dog
Getting a dog will require you to pay more for coverage or buy an additional coverage entirely. Dog ownership increases your risk of liability because there’s always the chance that someone who is legally in your house or on your property will get bitten. Also, don’t assume that your dog won’t bite just because its breed isn’t known to do so. Even tame dogs will attack if they feel threatened, so it would be better to be safe by getting insured.
Household changes
Certain changes in your home dynamics can also affect your insurance coverage and payments. If your grown child is moving out to live in his own place, he most probably will take his possessions, which means fewer items to insure. Alternatively, if your parents are moving in, you may have to increase your coverage if they’re bringing in some valuables with them.
If you can relate to any of these, it would be wise to consult your insurance provider about an upgrade in your coverage. In most cases, it may mean that you’ll have to pay more premiums, but this would be a small price to pay if you want to keep your family and belongings safe.
Jillian Cariola, Writer
Image attribution:
Thumbnail: iLoveButter
This page: FreeDigitalPhotos.net
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