Is your home insurance still valid? There are a few things that could change in your home that could actually invalidate your home insurance. Before you are shocked when you find out your claim is being denied, take a look at this list of household changes to see if your home insurance needs updating.
1. Home Renovations
The longer you live in your home, the more likely it is that you have made some improvements to it. Major renovations usually increase the value of your home so your current level of insurance would no longer provide enough coverage. If you have finished your basement for example, you need to advise your insurance provider in order to protect your additional investment in your home.
2. Tenants in Your Home
Home ownership isn’t cheap so some people are making it more affordable by renting out a room or their basement to tenants. If this describes you, it is very important to protect yourself, your tenants and your home with proper insurance. Not telling your insurance company about tenants would in fact be insurance fraud.
3. Running a Home-Based Business
Many people are enjoying the convenience of running a business out of their home. This is another situation where informing your insurer is necessary in order to have coverage for any business computers, property or inventory. If you have clients or other employees visiting your home, you will need the added liability protection of home-based business insurance.
4. Adding a Backyard Pool
Improvements outside of the house will affect your insurance too. Things like adding an outdoor kitchen, getting a trampoline for the kids or having a backyard pool are added risks that need to be declared for your policy to remain valid and up-to-date.
5. Leaving Your Home Vacant
Maybe your dream of becoming a snowbird has finally come true? If so, leaving your house unoccupied for an extended length of time could put your coverage in jeopardy. Talk to your broker about how you can maintain your home insurance even when you’re not there.
Professional Advice About Home Insurance
If you have any questions or concerns about your home insurance, feel free to speak with our team of insurance experts. Give us a call at Mitchell & Whale Insurance Brokers at 1-800-731-2228 or email us at firstname.lastname@example.org. We make home insurance easy and save you money too!