Your home is likely one of your most valuable possessions. It’s thus important to make sure you have the right home insurance in case something happens to it. But when is it time to change your policy? Coastal Premier Insurance Group in Boca Raton, FL offers you this guide on a few signs that it might be time for a change.
When Is It Time To Change Your Home Insurance
1. If You’ve Made Significant Improvements or Additions to Your Home
If you’ve recently added a new room, installed a pool, or made other major changes to your home, you may need to update your policy. This is because such changes can increase the value of your home, therefore, the amount of coverage you need. If you don’t update your policy, you could end up being underinsured and having to pay out of pocket if something happens to your home.
2. If Your Policy Coverage Lapses or Is Cancelled
When your home insurance policy lapses or is canceled, you may need to find a new policy. If you miss a payment or your insurer decides to non-renew your policy, this can happen. Non-renewal can occur for various reasons, such as making too many claims or having a high risk of making a future claim.
3. When You Purchase Big-Ticket Items
Your home insurance policy may not provide enough coverage to protect your expensive belongings, such as jewelry or high-end electronics. So, if you purchase big-ticket items, it’s good to work with an agent to find a new policy that can offer better protection for those items.
4. When You Add a Security System
Having a security system can reduce your risk of burglary or vandalism, so it may be worth looking into upgrading your home insurance coverage to reflect this. Many insurers offer discounts for homes with security systems, so this is definitely something you’ll want to consider when evaluating your policy options.
Coastal Premier Insurance Group in Boca Raton, FL can help you find the right home insurance policy for your needs. If you’re unsure whether it’s time to change your policy, our agents can review your coverage and make recommendations. Give us a call today to get started!