Changes to your property often mean revising your homeowners insurance

By Marian Johns | | Oct 5, 2018

Any remodeling or new items added to your home could mean you should adjust your insurance policy.   File image

Just as the season is beginning to change, so might the things around your house. That's why it's a good idea to think about reviewing your home insurance coverage. 

Homeowners don't often think about having to update or renew their policy. But if you have any changes throughout the course of the year, you should review your coverage, according to Kevin Turner, director of insurance product management for Kin Insurance. In fact, he says, reviewing your policy might help save you money on your premium. 

"A home can change a lot throughout the course of a year, so it's important to review your policy each year to make sure you still have appropriate coverage and to see if you qualify for insurance discounts," Turner said. 

According to Turner, any remodeling or new items added to your home could mean you should adjust your policy. 

"For example, if you remodel your kitchen, your policy may need to be adjusted to offer a little more coverage for your new fixtures and appliances," he said. "If you invested in a brand new roof or added security features, you may qualify for premium discounts."

Turner's advice to homeowners is they should review their insurance policies on a yearly basis and make sure their renewed policy addresses three basic items. Those include any overall change (increase or decrease) in your home's replacement value and listing new belongings that may have been acquired during the year, especially high-value items such as artwork, guns, furs or jewelry. Those types of items may need to be appraised and scheduled to get adequate protection, Turner said.  New additions like a guest house, detached shed, garage or swimming pool should also be considered when renewing your policy, he said. 

"The homeowner should ask their agent what discounts they qualify for and whether they'd benefit from scheduling their property," Turner said. 

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