Like many homeowners, you may be in the habit of renewing your home insurance annually without taking time to review your policy. Home insurance, however, needs to be reviewed periodically to ensure your coverage is up to date. Changes in your home structure or personal lifestyle could alter your coverage, making it less effective in protecting your Greeley, CO property. By discussing home upgrades or lifestyle changes with your Maanen Insurance Group agent, you’ll have a better idea of when it’s necessary to update your policy.
Major home upgrades like a new back patio or kitchen remodel can increase your home’s value. If you insured your Greeley, CO home at a lower rate, you’ll need to increase your dwelling coverage to ensure your home is fully protected against any eventuality. Otherwise, you could be caught short in the event of a total loss. You’ll also need to add renovations to your coverage so they’ll be protected against damage or loss.
Some renovations like a new roof or upgrades in your electrical or plumbing system could qualify you for a discount on your home insurance as they lower your risk of water or fire damage. You can discuss possible discounts with your agent when you update your policy.
If your renovations include the purchase of costly electronics or an upgrade in major appliances, you may need to increase the limits of your property coverage to protect these investments against theft or loss. By getting replacement cost coverage for valuable goods, you’ll be compensated for their full value if they are stolen or destroyed in a covered peril.
Lifestyle changes like retirement, getting a dog or downgrading your home can also alter your home insurance or affect its cost. To update your policy and maintain the protection you need, contact Maanen Insurance Group today.