Many people never look at their Homeowners Insurance policy even though they receive the renewal in the mail. It is just placed in a drawer; they pay the premium and forget all about it until the following year. This can potentially be a costly oversight!
You should not think of your Homeowners policy as a “carved in stone” document. Rather, it should be reviewed periodically with your insurance agent. All of us experience many changes throughout our lifetime and these can change our needs for our Homeowners insurance policy.
- Has our marital status changed? Our spouse should be listed as a named insured on the policy.
- Have we added on to the house? Have we finished the basement or attic into living space?
- Have you replaced the roof? Updated the electric service, plumbing or HVAC? These updates can sometimes reduce the premium. Your agent should be told of any updates to the home.
- Has the occupancy of the home changed? Is it still your primary residence? Are you renting a portion out? Have you listed it on AirBnB or other short term rental sites?
- Do you have a new business, sell products, or any farming on the premises?
- Has the title of the home been changed? Is it now in a trust?
As you can see with just this short list, many things can change your Homeowners insurance needs. It is important to review your policy from time to time with your agent. She will then be able to “endorse” your Homeowners policy to keep up with your changing needs.