Your homeowner's insurance policy isn't something that you should get when you purchase the home, and then never look at or change. Not only do you need to make sure that you are always looking at what your plan covers, but you should also shop around for competitive rates. Here are a few things you may not know you need to add to your homeowner's insurance policy.
Bringing Home a Pet
When you bring home a new dog or cat, it can be exciting, but you have to remember that there are risks involved with owning a pet. If your pet bites a person or another pet in the neighborhood, this alone could cost you thousands of dollars. If the animal destroys other property and does any type of damage, you'll want to have it covered on your homeowner's insurance policy.
Getting New Jewelry
Have you recently bought your spouse or someone living in the house an expensive piece of jewelry? If so, and it isn't covered on your homeowner's insurance policy, you could be stuck paying out of pocket if the item is lost at home or damaged during a fire, or if it's just damaged. Make sure you have enough coverage on your policy for all the pieces in your collection. You can either do a set dollar amount or have individual pieces insured.
Finishing a Basement
The cost to finish a basement is going to vary on where you live, what you decide to put in the space when it comes to materials, and how large your basement is. If you spend the money and take the time to do it, you want to make sure that the space is covered in your homeowners insurance. If the basement floods or the house sets fire, you want to get compensated for the money that you have invested in that space. The insurance company may want pictures of the space and items after the project is complete.
If you have just kept the same homeowner's insurance company since you bought your home and you never look at the different rates other companies offer, and you never update your policy, you could be overpaying and missing out on coverage that you need. When you get new appliances or update structural components around the property, your rate will go down, and when you add things to the property you want to make sure the materials or items are insured. For more information, contact an insurance agent who works for a company like Bear River Insurance.Share