Should You Update Your Homeowner’s Insurance Policy?

You might not often think about homeowner’s insurance, but it’s a crucial safety net. Circumstances change, home improvements happen, and before you know it, your policy no longer meets your needs. If you’re wondering whether now’s the time to revisit your coverage, you’re in the right place.

Signs It’s Time to Update Your Policy

What has changed since the last time you evaluated your homeowner’s insurance? Here are a few scenarios that call for a policy review:

• You’ve renovated your home: Have you knocked down walls, added a sunroom, or finished your basement? Home improvements can dramatically increase your property value. If your policy doesn’t reflect these changes, you might be underinsured. Similarly, if you’ve upgraded your roof, added storm windows, or installed energy-efficient systems, your insurance company might offer discounts that could lower your rates. Reviewing your policy ensures you’re fully covered and may even save you money.
• You’ve added to your household: Whether you recently welcomed a new baby, adopted a dog, or had your in-laws move in, more people and pets mean greater risks. A growing household also means more personal belongings, which might justify higher coverage limits.
• You’ve purchased high-value items: If you recently splurged on an engagement ring, high-end electronics, or pricey artwork, take a closer look at your personal property coverage. Most standard policies have limits on high-value items, which means you may need to add an endorsement or floater to protect your investments from damage, loss, or theft.
• You’ve installed safety features: State-of-the-art security systems, fire alarms, flood sensors, and water shut-off devices make your home safer. They may also qualify you for discounted homeowner’s insurance rates. Bring these up with your insurance company to see if they’ll reward you for reducing risk.
• You’ve started a home business: If you’ve turned part of your home into an office, you may need higher limits to cover specialized equipment or inventory. Keep in mind that liability claims related to home-based businesses are almost always denied, so you may need an endorsement or a separate business insurance policy.

Benefits of Increasing Your Coverage

It’s tempting to stick with your current policy to save money, but updating your coverage has benefits:

• Protect your investment: Your home is likely the biggest investment you’ll ever make. No one wants to be caught off guard by insufficient coverage, so make sure your policy keeps pace with your home’s value in case disaster strikes.
• Enjoy peace of mind: Knowing your home and belongings are protected is priceless. From safeguarding family heirlooms to ensuring your home’s structure is covered, the right coverage helps you sleep better at night.
• Avoid out-of-pocket costs: If your policy doesn’t cover the full cost of rebuilding your home or replacing your belongings, you could end up footing the bill for the difference. You can avoid this financial headache by updating your homeowner’s insurance.
• Take advantage of discounts: Increased coverage doesn’t always mean a higher price. Many homeowner’s insurance companies offer discounts for safety upgrades, bundled policies, and loyalty. Revisiting your coverage might uncover opportunities to save while getting better protection.

Tips for Choosing the Right Policy

If you’re unsure about the coverage you need, follow these tips to simplify the process:

• Assess your current coverage: Start by reviewing your existing policy. Consider what’s covered and what’s not. Look for insufficient dwelling coverage, missing endorsements, or inadequate liability limits.
• Get the Right Coverage at the Right Price. Working with an experienced insurance agent gives you more than just answers—it gives you options. As an independent agency partnered with multiple top-rated insurance companies, we help you find the best auto coverage for your needs and budget. You won’t overpay for features you don’t need, and you won’t miss out on protection that matters. With personalized guidance and access to a wide range of policies, we make sure you get the right coverage at the right price—every time.
• Consider endorsements: You could benefit from additional coverage for specific items or risks. For example, if you live in a flood-prone area, you may need to purchase separate flood insurance. Similarly, endorsements or riders protect your most prized possessions.
• Review annually: Your insurance needs may change, so review your policy at least once a year. At that time, update coverage based on life changes, home improvements, or shifts in market conditions.

Update Your Homeowner’s Insurance in Natick, MA

Changing your homeowner’s insurance policy might seem like a hassle, but it doesn’t have to be. Connell & Curley Insurance Agency Inc. has over 60 years of experience helping Natick, MA, homeowners protect what matters most. We take pride in offering professional guidance and personalized attention to every client. Let us help you find the right homeowner’s insurance coverage at the best rates — contact us today for a no-obligation quote.