Ideally, you should review your home owner’s policy annually to ensure you have the best price and appropriate coverage. There are other times you may want to check in with your agent to see if you need to make changes. 

Your home value increased.

Whether by market value or recent improvements, if your home value has increased notably over the value the policy was written for, you want to be sure that a claim made on that policy will be enough to replace your home. Otherwise, if your home is damaged, you’ll wind up paying for the gap out of pocket. 

Additionally, if you add features like a pool, hot tub, trampoline, or backyard play equipment, you might want to boost your liability coverage if someone is injured. 

Your family expanded.

With new bodies comes new items. Anytime you have a significant increase in personal property, you’ll want to update your home inventory and discuss your policy limits with your agent to ensure you are adequately covered. A good time to do this is when you bring a new baby home or merge households. New people increase the number of electronics and valuables in the house and increase your potential liabilities. 

You might also want to check with your agent before purchasing a new pooch. Some insurers have breed restrictions, and which breeds are restricted can vary between providers, so it’s worth checking in to make sure you have liability protection. 

You’ve added security. 

Alarm systems and home monitoring systems have never been so accessible and affordable for consumers. If you are one of the many looking to increase your property’s security, reach out to your agent to determine if the system you are considering might result in a discounted premium. 

In Highland Village, TX, homeowners looking to get the most out of their insurance policy should call or visit Thompson Insurance Services today.