Choosing Better Insurance Coverage

Few things are more important than having the right insurance coverage. About ten years ago, I was involved in a near-fatal crash where I experienced traumatic physical and emotional injuries. It was really challenging for me to endure the hospital stay and subsequent physical rehabilitation, but with the help of my medical team and my insurance company, I was able to overcome the challenge and completely recover. This blog is all about the importance of choosing the right insurance plan so that you can get on with your life and enjoy those precious years with your family and your friends.

Lifestyle Changes That Should Prompt A Homeowners Insurance Policy Review

Insurance Blog

Are you a homeowner? If so, you do not need to underestimate the importance of having home insurance. Even if you go years without having to file a claim, it does not justify letting your insurance lapse. Accidents happen, and homeowners who take risks can end up financially ruined. Getting a home insurance policy and paying the premiums might seem like a routine. Even if you never let your insurance lapse, it is worth your while to periodically review your policy and update it as needed. A lot can happen in a few years, and this might mean that you will need to add more to your policy. The following points represent a few lifestyle changes you might experience.

Home Improvements

Some homeowners make improvements to their homes. Most of the improvements can make a property's value go up. The homeowners usually know this, but an oversight may occur when it comes to recognizing that they need to upgrade their policies. The insurance company will not know about an upgrade to a metal roof or the addition of a new room or bathroom if the changes are not reported. This means that homeowners could miss out on discounts or not get fully compensated for property damage due to their lack of updating their policies. 

Getting a New Pet

Some families go years without having a family pet. They might decide to get a pet on a whim. If pets cause property damage or injure someone, an insurance company can deny a claim when the pet is not on the policy. You might think about a dog bite when you think of pets. However, other animals like cats and fish can also create issues that are worthy of filing a claim. Imagine a cat that dwells indoors tearing furniture to shreds. A cat that dwells outside might scratch a neighbor's vehicle. Fish aquariums can break or leak and cause water damage. 

Getting New Appliances or Furniture

Personal property upgrades occur in households. Investing in new furniture, electronics, and appliances creates a need for a policy review. Think of the cost of the items. If you invest in products that are a part of the growing smart technology trend, they cost more than traditional electronics and appliances. The items will depreciate over time. This is why you might want to add on coverage that will pay for a full replacement. Some homeowners find this option helpful when they make high-end purchases through financing. 


9 September 2021