Fact-Checked: Why Trust Rittgers Rittgers & Nakajima That depends on your home. You should review your homeowner’s insurance policy annually. Why? To account for any changes that have occurred in your life. Some changes require adjustments to your coverage.
Home remodeling/improvements
Owning a home requires maintenance, but remodeling is often necessary to fit your changing lifestyle. Remodeling bathrooms, the kitchen, adding outdoor living space, like a deck, or adding an addition, may increase the value of your home.
Some improvements, like a pool or hot tub, may increase your liability if someone is injured. Before remodeling or starting home improvements, you should consult with your insurance agent to determine if you should increase your insurance coverage.
Home inventory
What happens if you have a fire, a flood, or other disaster occurs? You will need to provide an inventory of all the items lost or destroyed inside your home. There are several causes of fires in homes. See the US Fire Administration’s Reports on Fire Causes.
How do you prove to your insurance carrier your home contents? It is a daunting task for anyone to list item by item what was in their home. What can you do to prepare?
You should take photographs and make a video of your entire home. You should include closets, cabinets, and seasonal items stored. You should place the video and photographs of your contents in a safety deposit box or in a fire-proof safe. If something happens, you will be able to verify with the insurance company exactly what you had in your home if you take these steps.
What to review on the policy?
Make sure you have coverage for replacement of your home and contents. It will cost more to replace your home and the contents, so request and make sure you have replacement coverage. If you do not have replacement coverage, you will receive the depreciated amount for your contents, and you may not have enough to rebuild your home.
Make sure you have sufficient liability coverage in the event someone is injured while on your property. Being a homeowner is a big responsibility. Make sure you are covered if anyone is injured while on your property. If a fire or natural disaster occurs, make sure you have proof or your home contents for the claim. You will have peace of mind while enjoying your home if you plan ahead to make sure you have insurance coverage for any event.