You cannot overstate the importance of having homeowners insurance. Without it, you can face immense costs as a result of damage, vandalism, or theft. If you have a mortgage, you already know this. Lenders require for you to have homeowners insurance because it protects their investment. But there is a vast array of coverage options, and it can be challenging to determine that the coverage you do have is sufficient. Here are a few signs your homeowners insurance policy needs more coverage.
Have you made renovations or other alterations to your home recently? If so, there is a good chance that you will have to update your coverage. Until you do so, your insurance agent will assume that your home’s value is the same as it was when you moved in. Even building a treehouse can influence your insurance rates.
Some people might be held back because updating your coverage will mean increasing your premium. But believe us—it’s better to do so now.
Acquired New Valuables
This ties in with our previous point, but you’re going to want to increase your homeowners insurance coverage if you’ve acquired new valuables. You probably want to have replacement cost insurance in place to protect your valuables in the event of theft or a disaster, such as a house fire. Try to ensure any expensive jewelry or technology that are vulnerable to these threats.
Your Location Is Prone to Disaster
You might want to take the location of your home into account as well. While it’s true that most of our area is not especially prone to disaster, there are a few things you might want to consider. The biggest ecological threat throughout our area is probably flooding. Do you live in close proximity to water? If so, a hurricane or other extreme weather could be a cause for concern. Ask your insurance agent about disaster coverage.
You may have experienced a life-changing event since you moved in. This could include any of the following (to name a few):
- Marriage or divorce
- Birth of a child
- Child moving out
- Parents moving in
Even adopting a new pet could qualify as a life-changing event that has a substantial impact on your homeowners insurance. If you’ve experienced any of these changes, it’s time to reassess your policy.
Get in Touch with Wachter Insurance
At Wachter Insurance, our agents are here to help you pick the right homeowners insurance so you know you have coverage no matter your insurance claims. Have questions about your homeowners insurance claims? Find answers and learn more about filing insurance claims by contacting us. We will help you understand the coverage and limitations of your homeowners insurance so you can avoid having your insurance claims denied. Please call us at 301.371.6335, visit our website or drop by our Middletown, Maryland office to personalize your homeowners insurance policy today. Be sure to follow us on Facebook, Pinterest, and Twitter too!