Home Insurance: Why You Need It and How to Stay Updated

Owning a home is a significant investment, and protecting it should be a top priority. Home insurance provides financial security against unexpected events like natural disasters, theft, or accidents. However, it's important to stay updated on your home insurance policy to ensure you have adequate coverage. In this blog post, we will explore why home insurance is essential and provide tips on how to stay informed about updates in this crucial aspect of homeownership.

Types of Home Insurance Policies

 Dwelling Coverage

This covers the structure of your home, including walls, roof, and foundation.

Personal Property Coverage 

This protects your belongings, such as furniture, appliances, and electronics, against theft, damage, or loss.

Additional Living Expenses Coverage

In case your home becomes uninhabitable due to a covered event, this coverage helps with temporary living expenses.

Liability Coverage

 This protects you if someone is injured on your property and you are held responsible for their medical bills or legal fees.

Regular Home Insurance Updates

Reevaluate Coverage Needs

 As time passes, the value of your home and possessions may change. It's essential to reassess your coverage periodically to ensure it aligns with the current value and replacement costs.

Home Renovations

If you make significant renovations or additions to your house, inform your insurance provider to update your policy accordingly. Failing to do so may result in inadequate coverage.

 Inventory Check

Maintain an updated inventory of your personal belongings and their estimated value. This will help you determine if you need to adjust your coverage limits.

Policy Comparison Regularly

 compare your home insurance policy with others in the market. This will help you understand if you're getting the best coverage and rates available.

Staying Informed

Communication with Insurance Provider

Establish open communication with your insurance provider. Keep them informed about any changes to your property or circumstances that may impact your coverage.

Review Policy Documents

 Read through your policy documents thoroughly to understand the coverage, deductibles, and exclusions. This will help you make informed decisions regarding your insurance needs.

Seek Professional Advice

 Consult with an insurance agent or broker who can guide you through the complexities of home insurance. They can provide personalized advice and ensure you have the right coverage for your specific needs.

Recommendations:

Travelers

Lemonade

State Farm
United Services Automobile Association (USAA)

Home insurance is a crucial aspect of homeownership that provides financial protection and peace of mind. Regularly updating your policy helps ensure you have adequate coverage for your evolving needs. By understanding the importance of home insurance and staying informed about policy updates, you can safeguard your home and belongings effectively. Remember, it's always better to be prepared for the unexpected and protect what matters most to you.

Contact me today with any questions: 

Kelly Thompson, REALTOR

303.587.3846

[email protected]

Kelly’s Additional Credentials: 

Residential Construction Certified

New Build Specialist Designation