Update Your Home Insurance Policy

Home Renovations and Homeowners Insurance Changes

You've just ripped out that leaky shower and replaced the countertops in the kitchen. Congratulations! But have you contacted your home insurance company to update your policy?

If you don't update your policy after major renovations you could be underinsured if an accident or disaster occurs. Contact your provider to update your homeowners insurance policy as soon as possible.

Acquiring New Valuables

When acquiring valuables, be they expensive electronics, furniture, art or antiques, inform your homeowners insurance provider to see if they are covered by your standard policy or if you need to purchase additional homeowners insurance coverage. You don't want to be left underinsured when disaster strikes.

As your life changes, so do your insurance needs. For example, if you moved to a new neighborhood or remodeled your kitchen this year you'll need to update your homeowners or renters insurance policy. And buying a new car or joining a carpool means it's time to consider an updated car insurance policy.

Here are 10 "life" situations that require changes in your insurance coverage, starting with #1: Getting Married or Divorced, and #2: Switching Jobs.

#1: Marriage or Divorce

When you get married it makes sense to start combining insurance policies. Combining two car insurance policies into one policy could save you money. As you and your partner move in together and start combining property you need to revisit your homeowners insurance or renters insurance policy as well. This is also a good time to think about term life insurance -- you want to make sure that your partner is taken care of should a tragedy occur.

Getting a divorce necessitates setting up separate policies, since you are presumably no longer sharing cars and/or homes. Also, you'll need to update your term life insurance policy's beneficiaries.

#2: Switching Jobs

If you have just landed a new job your driving situation may have changed. If your new job is farther from home, your annual mileage will be higher. Perhaps you will be telecommuting or using public transit and so you'll drive considerably less. Additionally, if you've been receiving term life insurance benefits from your previous employer, you need to make sure you can continue that coverage with your new employer or go out and shop for life insurance on your own.

No Comments