Hayek Insurance Blog
Home insurance is frequently purchased and then forgotten about. Many don't consider it when they simultaneously pay their mortgage bill and insurance. Unfortunately, that raises the chance that they will either be denied coverage or charged extra for coverage.
You should probably review your insurance coverage every time your situation changes significantly. Here are a few scenarios where you might want to update your homeowner's insurance coverage.
You've Finished a Renovation
You must notify your insurance provider whenever you renovate your home, install a new ceiling, or add a restroom to your house. Home improvements may greatly affect the value of your property. Your insurance provider may need to increase the limits on your property coverage to sufficiently cover the cost of repairs.
Although this might result in a slight increase in your premiums, having continuous protection if you need to file a claim is well worth it.
A Dog Joined your Family
Numerous homeowner's insurance plans include liability coverage for dog bites. The point is that you have to inform your insurance company about the new family member. Before filing a claim, it may not be possible if you haven't informed your insurer about your pet.
Review your Homeowner's Policy Annually
Both consumer groups and insurance providers agree to start your yearly home coverage review. Even though it might be inviting to update your current policy, lifestyle factors are evolving at a quicker rate than before.
The value of your home has increased. Don't mix up the house's actual market value with its replacement cost, which is what insurance will pay for. The coverage you require shouldn't be determined by an estimate of your home's market value. You can't figure out how much you should insure by multiplying the cost of a renovation by the value of your home.
Update your knowledge of the dangers that could endanger or destroy your home. Events like hurricanes, river flooding, and uncontrolled fires can destroy your home and everything inside. You need the most recent information about the threats to your home and how to create the best coverage because climate change is causing constantly changing risk management guidelines.
At Hayek Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We will go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (805) 496-8835 or Click Here to request a free quote. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!