3 Big Reasons to Review Your Home Insurance

When a disaster strikes your home—flood, burglary, fire, or worse—the last thing you want to worry about is whether your homeowner’s insurance is up to date. Even if you review your coverage annually, there are several life-changing events that may require policy modification—big purchases, home renovation, or family changes. With a little help from local homeowner’s insurance experts, we explain how and when to make the necessary adjustments. If one of these changes happens in your life, calling your agent and discussing the situation is the best way to ensure everyone and everything will still be covered.

Big Purchases

Homeowner’s insurance is not just meant to protect your physical home (the bricks, walls, and roof). It should also cover what’s inside your home—everything from furniture to designer handbags. “It is extremely important to check in with your insurance agent when you make significant purchases to ensure everything is covered,” says Christina Trapani, senior branch manager at Liberty Mutual Insurance in Valley Stream.

“For high-valued items, like engagement rings, artwork, consumers should look into ‘scheduling’ the property,” Trapani suggests. “Scheduling is an insurance term meaning the item is on a ‘schedule’ and insured separately—it is not covered under the general personal property limit.”

A vacation might also warrant a change in policy. “Say you have a big trip coming up this summer, maybe overseas. We should talk about if you have off-premise theft (coverage). Meaning, if you’re in the airport and your luggage is stolen, where does your coverage end and begin?” offers Christina Shaw, an Allstate agent in Wantagh.

Making a purchase that could be considered high-risk—such as a pool or a new trampoline—is another reason to review your policy.

Another example? A pet. “Getting a dog is a good reason to call your agent because you want to make sure your liability coverage on your homeowner’s insurance policy includes if your dog bites a neighbor or something like that,” explains Kelly Qu, homeowners insurance agent for Allstate in Manhattan.

Home Renovations

A renovation should absolutely trigger a policy review—what if the construction itself damages your property or someone gets hurt on the job? Even if your neighbor trips over lumber that was left in your yard from your kitchen extension, liability coverage can help pay for the medical costs.