Is it Time to Update Your Homeowners Insurance?

homeowner insurance
When was the last time you checked the terms of your homeowners insurance policy?

Like most people, you probably read through the terms of the policy when you originally signed it. And odds are, you haven’t thought much about your homeowners insurance since. This could be a big mistake!

You might be underinsured or overpaying without even realizing. Taking the time to read your terms and update your policy could save you money, and ensure your assets are protected.

It might be time to update your homeowners insurance if…
  • You recently retired – The Insurance Information Institute says that some companies may offer discounts of as much as 10 percent to retirees. Why? People who are retired typically spend more time at home, reducing the odds that their home is burglarized or damaged.
  • You renovated your home – When you put money into improving your home, it’s important that you tell your insurance advisor. A home improvement project could increase the value of your home, and you’ll need to update your homeowners insurance policy to match. Certain renovations, like updating your roof to be stormproof, can lower your monthly premiums. However, many renovations add value to the home, meaning you’ll need more protection should disaster strike.
  • You got a dog – More than ⅓ of homeowners insurance liability claims come from dog bites. The good news is, most homeowners insurance policies can cover dog bites and other incidents. However, in order to make sure that your dog is covered, you must let your insurer know about the addition to your family.
  • You’ve added a security system  – Improving security reduces the likelihood you’ll experience theft or vandalism.  For this reason, insurance companies may offer discounts and incentives for upgrading your home security. Today’s technology makes it much easier to not only protect your home but lower the risk of an insurance claim. This translates into a premium discount for you and more money in your pocket.
  • You have bought or received valuable items – In addition to covering the structure of your home, your homeowner’s insurance covers your possessions to a certain limit. If you’ve recently purchased or received big-ticket items such as expensive artwork, jewelry, furs, or electronics, adding those to your home inventory should be a priority. You\’ll want to make sure that you have enough insurance to cover the replacement value of these expensive items. Check with your insurance advisor to find out if your new possessions exceed your existing coverage

Protection for Life.

Updating your homeowners insurance is for your protection, and may save you money depending on the situation. Boyd Insurance & Investments is here to help ensure your assets have the proper coverage. We recommend that you think about updating and reviewing your insurance every few years at a minimum. This way, you’ll always know you’re fully covered at the best price.  Get started today! Call us at  (941) 745-8300 or click here to receive an online quote!

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