How to Make Changes to Your Homeowner’s Insurance Policy

Learn how to seamlessly initiate changes to a homeowner’s insurance polic. Protect your home with updated adjustments.

For most of us, there is no bigger investment than owning a home. Insuring it properly is vital to securing your safety and peace of mind. Keeping your homeowner’s insurance policy current and up-to-date is the security net that protects you in the event of the unexpected – and potentially catastrophic.

Things inevitably change over time, so it’s not unusual to make adjustments to your home insurance coverage. Working closely with your broker, you can make changes to your homeowner’s insurance policy to ensure that you have the coverage you need – when you need it!

Changing needs

If there’s one thing we can all count on is that nothing stays the same. We experience transitions big and small all the time. So, whether you are renovating your home, making a big asset purchase, or even expanding your family, there are changes that may impact the homeowner’s coverage you need.

Every so often, take the time to evaluate your needs and how they have evolved (or will evolve) and pinpoint the areas where your policy might fall short. Being proactive helps your broker tailor coverage to ensure that you always have optimal protection.

Once you’ve identified changes, reach out to your insurance agent. When you can, we recommend that you initiate contact in advance of changes, upgrades, and transitions so that you have time to discuss your options and make informed decisions. We want you to avoid gaps in coverage as much as possible.

Changes to your home that may require adjustments

Renovation and upgrades

When you’re planning home renovations or upgrades, you should inform your broker. If you change the structure or value of your property, it can impact your coverage requirements.

How much are you doing to your home; What kind of upgrades are you including? Depending on the scope of the renovations, chances are that you should adjust your policy to reflect your home’s increased value.

Additions to valuable assets

If you have purchased or expect to purchase high-end electronics, jewellery, or precious artwork, this is a good time to review your policy. Your existing insurance may not cover these newly acquired items adequately. 

If you have new valuables, ask about adding a floater or endorsement to your policy. This will provide additional coverage specifically for these assets, ensuring they’re appropriately protected.

Change in occupancy or usage

Do you want to use your home for business purposes? Perhaps you are thinking about renting out a portion of your house? 

We suggest you review your policy as it’s likely that adjustments to your homeowner’s coverage will  be necessary. Different usage scenarios and occupancies can require changes in liability and property protection requirements. 

New or upcoming changes? It might be time to discuss your home insurance coverage – TALK TO US!

Review liability coverage

If you haven’t done a recent review of your liability coverage, there’s no time like the present. Now, with the change of season, is a good time – Thanksgiving, Christmas and winter are just around the corner!

Liability coverage is a crucial component of your homeowner’s insurance policy. It protects you financially if someone is injured on your property. Liability also covers you if you accidentally cause damage to someone else’s property.

If you’ve experienced changes in lifestyle, such as having more frequent guests or starting a home-based business, you may need to increase your liability coverage to better safeguard your interests.

Evaluate deductibles

Your policy’s deductible is the amount you’re responsible for paying before your insurance coverage kicks in. Higher deductibles typically offer lower premium payments, while lower deductibles result in paying more in premiums.

If your financial situation has changed and you’re comfortable taking on a higher deductible, it could be a strategic move to reduce your insurance costs.

Bundling and discounts

It might be possible to bundle your homeowner’s insurance policy with other insurance products, such as auto or umbrella insurance. There can be discounts, too, that you aren’t aware of. Discounts can include safety features in your home, alarm systems, or even loyalty discounts for long-term customers.

ASK US about bundling and potential discounts and take advantage of them to optimize your coverage at a reduced cost.

Regular policy reviews

Life can move very fast, and your homeowner’s insurance needs to keep up! Schedule regular policy reviews on your own and with your broker to assess whether your coverage still aligns with your needs. Being proactive about these reviews ensures that your coverage remains up-to-date and effective.

Remember, we’re here to guide you through these changes and help you navigate the intricacies of homeowner’s insurance.

Are you thinking about, or have you made, changes to your home? You may need to also make changes to your existing homeowner’s policy – TALK TO US!