Home insurance needs to be reviewed regularly to ensure you have the protection you need for your property. If you renovated your Waldron, AR home over the last year or added costly goods to your inventory, you may need to increase your coverage to protect your investments. By discussing these changes with an agent from The Owens Agency LLC, we can help you determine if it’s necessary to update your home policy to retain the protection you need. Here are a few reasons why an update may be necessary.
Increase in Home Value
Major home upgrades like bathroom or kitchen remodels can raise your home’s value. If your dwelling insurance doesn’t cover the new value of your Waldron, AR home, you’ll need to raise it in order to fully protect your structure. This requires an update to your policy. Otherwise, you could be caught short if your home suffers total loss in a disaster.
Home Insurance Discounts
Home upgrades that enhance the safety or security of your property such as new windows, installation of a security system, new plumbing, or electrical system may qualify you for a discount on your home insurance. To get that discount, you’ll need to update your policy.
Purchase of Costly Goods
If you purchased high-end goods or received costly gifts after obtaining your home insurance, you’ll need to update your policy to add these goods to your coverage so they can be protected with the rest of your items. You may need to increase your property coverage to cover the value of your new items. If the limits on your policy aren’t sufficient to fully protect your new gifts or goods, you may need to purchase an insurance rider to protect these valuables.
For more information on updating your home insurance policy, contact The Owens Agency LLC today.