Understanding Insurance Claims

3 Important Times To Update Your Homeowner's Insurance Policy

Your homeowner's insurance is like a safety net. When you own your property and something damaging happens, your insurance ensures that the damages are covered so you are not left paying the bill on your own. While most homeowners know that home insurance is highly important, many pick up a policy and never make any changes to it at all. This can be a big mistake for several reasons. Take a look at some of the situations that can happen as a homeowner which should signal you to update your house insurance policy. 

You install a new outdoor property feature. 

Perhaps you have a swimming pool installed, build a small outbuilding, or even get rid of a large tree. All of these situations are normal things for a homeowner to do, but they should also include an update to your homeowner's insurance policy. These property changes can up or lower your property risks, which means your insurance provider does need to know. If something happens on the property that is related to one of these new features, the insurance provider could refuse to pay for the damages. For example, if you have an inground pool installed and it springs a massive leak, flooding your home, you could be left t pay for the damages out of pocket. 

You perform property or room renovations in the house. 

Any time that you make drastic changes to your property, it is best to let the insurance company know about the changes. There are certain home elements you may change during a renovation that can be pertinent to how much insurance coverage you have. For example, if you install a new natural stone countertop in the kitchen, this is a property feature with a higher value than an ordinary countertop. Therefore, your coverage may need to be slightly changed. 

You bring a new pet home as a member of the family. 

Did you know that if someone is at your home and bitten by your dog, they can take you to court and sue you for the damages they sustain. If you have the right homeowner's insurance, the provider will cover the costs so the situation never escalates to court. However, if you get a dog or another animal and fail to let your insurance provider now about the change, any injuries caused by that animal on your property will likely be fully your responsibility.