Change is exciting. But when it comes to home changes, it may mean updates to your homeowners coverage are needed. The easiest way to know if your policy needs changed and what homeowners insurance covers is to contact your agent. Your agent will make sure you haven’t left gaps in your coverage and walk you through how to change your homeowners insurance policy to reflect your new coverage needs. We outline four common changes that may call for coverage updates.
4 Changes that May Affect Your Homeowners Insurance
Finished Your Basement
Once you’ve framed walls, hung the dry wall, added a ceiling, laid the flooring and furnished it top to bottom, you’re probably ready to enjoy your new space. Finishing a basement can be a big project (even if you’ve hired someone to help get it done). But it’s also a significant investment of time and money. You want to be sure your newly finished space is protected. If you’re planning to finish your basement or recently completed the job, contact your insurance agent.
Welcomed a New Furry Friend to the Family
Bringing “Fido” home is exciting. You’ll enjoy taking your new best friend for walks and playing fetch in the park, but did you know a new dog could mean changes to your insurance coverage? If you haven’t already added umbrella coverage to your homeowners policy, now may be the time. Your homeowners policy includes liability coverage but if your dog bites someone, you may need extended liability limits with an umbrella policy.
While your homeowners coverage may include a certain coverage limit for jewelry — if the jewelry you own is worth more than the limit — you could have gaps in coverage. For instance, if you recently got engaged and your engagement ring is worth $8,000 but your homeowners coverage only covers $2,000 for jewelry, you wouldn’t have enough coverage to replace it if it were lost or stolen. Adding scheduled property coverage or listing it as a scheduled item on your homeowners policy, may be a good idea.
Added a Swimming Pool
When it’s hot outside and the sun is shining, floating in your backyard swimming pool sounds like the perfect way to enjoy the day. But before you break ground on your new pool, talk with your agent to understand how adding a pool to your property could affect your insurance. You may need to add your swimming pool onto your policy. There may also be certain requirements you must follow — installing a fence around the perimeter of the pool, using a safety cover when it’s not in use, etc.
Support When You Need It
It can be difficult and confusing to know what changes mean your homeowners coverage needs updated. When you work with a local Farm Bureau agent, you can rest assured knowing they’ll help you along the way and ensure your coverage is keeping up with your busy life. Connect with a local Farm Bureau agent today.