Your homeowners insurance policy is more than a document — it’s your protection.
As a homeowner, you’ve invested your livelihood in building or buying a structure to house your family and all your possessions. If something happens to damage it, it’s up to your homeowners insurance policy to pay, so it’s important the policyholder is aware of exactly how much they’ll be expected to front.
Updating your homeowners insurance policy doesn’t necessarily mean that your annual premium will go up. In fact, many times when you contact your policyholder to explain about a home update, your premium will go down. Notify your insurance company in the five situations listed below.
Adding a garage or another room off your living space isn’t a cheap upgrade, but maybe you need the square footage. Make sure that this space is covered under your homeowners insurance policy.
You’ll need to share information about the construction, including details like the type of siding, shingles and the square footage. Yes, this will probably make your premium rise, but you need the coverage for safety and peace of mind.
Do you plan to rewire an outdated electrical system or replace the roof? These are two situations where the updates could lower your premiums, since they increase home safety and reduce the risk of fire.
More and more people are beginning to use their home as their place of business. This might cut down on your commuting costs, but the valuable equipment you now store in your home needs to be insured. If you have expensive office supplies or inventory in your home, make sure your policy reflects that.
Another common reason to update your policy includes the purchase of an expensive item. Whether you splurge on yourself or receive it as a gift, that new diamond ring or gigantic flat-screen television should be added individually to your policy. Many policies have riders for specific, expensive items.
Did you invest in a smart home alarm or security system? This can also effectively lower your premiums, but you have to let your insurance company know. You could get a hefty discount from taking the risks of fire and theft seriously.
Are you wondering if you could save money by using Four Seasons Insurance? We are more than happy to provide you with a quote today. Get in touch and let us know your home specs and we’ll run the numbers for you on a new homeowners insurance policy.