Review your homeowner’s insurance policy on a regular basis.

Without a homeowner’s insurance policy, millions of people across the country would be unable to stay financially afloat following damage to property or an accident resulting in injury. Insurance also allows households to get back on their feet quickly by putting everything in the hands of insurance professionals.

The question of when you should review your homeowner’s insurance policy comes up quite often, so we thought it’d be a good idea to discuss it in detail. There are several times and events when careful review is a good idea, and below are several of the most common.

During Annual Renewal

Each year, your homeowner’s insurance policy will automatically be renewed, at which point you’ll be sent full documentation through the mail or by email, depending on your preference. When you receive the declaration, take a look at all the policy details and then contact your insurance agent to discuss any potential changes.

When You Make Additions to Your Home

Any big additions to your home, such as a new room, backyard deck construction, roof replacement, plumbing or wiring replacement, etc., can alter the value of your home. This will often necessitate changes to your homeowner’s insurance policy, so make sure that the policy reflects these additions. It’s not a bad idea to ask about any potential premium changes prior to taking on any large project.

Newly Acquired Items

You also want to make note of any expensive or valuable items that you’ve acquired or purchased. Small items you receive or purchase shouldn’t alter your policy, but if you inherit or purchase anything such as antique furniture, jewelry, a master bedroom set, a new entertainment setup, or anything similar, you want to make sure that your policy limit would cover all those items.

Renting Out Your Property

Even though many people have rented out their homes without making any changes to their homeowner’s insurance policy, this will cause you to run afoul of the law. If you decide to use a home as either a vacation rental property or an Airbnb property, you’ll need to replace your homeowner’s insurance policy with a rental home insurance. This applies whether you’re renting on a part-time or full-time basis.

New Backyard Swimming Pool

Swimming pools are a common addition for homes that are great for parties, get-togethers, or simply relaxing after a long week, but they also come with certain liabilities. If you decide to install a swimming pool to your home, check your policy to make sure that you have ample liability coverage.

Changes in Marital Status

Either getting married or divorced will often cause your homeowner’s insurance policy needs to change, so you definitely want to review every detail if either of these events occur. You should also take a look at the entire policy if a child either enters or exits your household.

New Playground Equipment

Adding playground equipment, such as monkey bars, slides, and similar items will necessitate certain homeowner’s insurance policy needs. This is especially true with trampolines because many trampoline accidents are reported each year.

Bringing a Pet into the Home

Many homeowners don’t consider the fact that bringing an aggressive dog into your home can change your liability coverage There are several breeds this applies to, including pit bulls, German shepherds, Rottweilers, Dobermans, mastiffs, wolf hybrids, and even chows. Contact your insurance agent prior to adopting a dog or other animal just in case.

Contact Coleman Insurance Agency to Review Your Homeowner’s Insurance Policy

It’s important you renew your insurance policy with a Clearwater insurance agency whenever the above events occur, but there are other situations that apply as well. Coleman Insurance Agency can ensure that you’re fully covered for all of life’s unfortunate events. To learn more about Clearwater homeowner’s insurance or for a free, no-obligation policy estimate, please contact our team of agents by calling (727) 791-7082 for a no-cost consultation.