Many homeowners fail to keep track of their home insurance after their initial purchase. They renew their policy year after year without considering changes in their home or lifestyle that could affect their coverage. By failing to review your policy periodically, you could be losing out on essential coverage. When is it necessary to upgrade your home insurance? At Keystone State Insurance in West Chester, PA, we suggest homeowners upgrade their policies if they have:
Made Major Renovations to Their Property
As homes age, it’s only natural for homeowners to make renovations to enhance their home’s appearance and function. Major renovations like replacing a worn roof, adding a new bathroom, or giving your kitchen a complete do-over will also increase home value. If your home were insured at a lower rate before your renovations, you’d need to upgrade your insurance to make up the difference in value. Your dwelling insurance should be enough to rebuild your Pennsylvania or Delaware home if it’s devastated in a catastrophe.
Added Pricey Goods to Personal Belongings
If you received pricey gifts or made expensive purchases over the years, these need to be added to your home insurance policy. If the limits of your policy aren’t sufficient to protect these goods, you may need to raise your limits or get an endorsement for additional coverage. Ideally, you want coverage that will cover the cost of replacing your goods if they are stolen or damaged, so these funds don’t come out of pocket.
Changed Their Lifestyle
Lifestyle changes, like getting a dog or installing an in-ground pool, increase the risk of accidents happening on your property. Upgrading your liability coverage can protect you against a lawsuit if your pet bites a visitor or a friend has an accident during a pool party.
For more information on home insurance options and costs in Delaware or Pennsylvania, contact Keystone State Insurance at our West Chester, PA office.