When should you update your home insurance

When you buy a home one of the first things you do is to buy a home insurance policy. Your mortgage holder is going to insist on proof before they loan you the money. Most home policies renew yearly and your insurance company will send you a declaration page. This is your policy in a nutshell and it holds valuable information that you should look over carefully. If you live in or near Westerville, OH and are looking for a locally owned and operated independent agency, Associated Insurance Agencies Inc. has a knowledgeable team to answer your questions. 

You should update your home insurance any time there is a change in your home or your financial situation. You should review your policy yearly when you get your new declaration page. 

Your income goes up

You might wonder why a raise in your income would affect your home insurance but part of your home insurance coverage is liability insurance. This protects your assets in the event you are sued. If you make more money you are a larger target and your liability coverage should rise accordingly. 

Major repair or updates

If you do major home repairs that increase the value of your home, you should update the replacement value of your home. Things such as a new kitchen, bathroom, siding, or central air conditioning can add considerable value. 

When you add safety equipment

Adding a home security system or smoke detectors is something that you should let your insurance company know about. It can lower your premium. 

Having valuables

The coverage on most home policies is quite limited and if you have expensive electronics, art, antiques, or jewelry you should consider adding additional coverage to your personal property coverage. 

At Associated Insurance Agencies Inc. in Westerville, OH we suggest a yearly policy review. If you haven’t reviewed your policy in a while, you are overdue. Give us a call or stop by our office and let us review your policy.