Three Tips for Your Homeowner's Insurance Policy

Insurance Blog

Insuring your home against damages is critical due to the importance and value of this possession. Unfortunately, there are many new homeowners that are not very well-informed when it comes to the steps for properly insuring their homes against the various hazards that might arise. To help you with this important part of being a homeowner, you will want to consider these tips.

Appreciate the Fact That Your Home's Property Value Will Fluctuate

Sadly, there are many homeowners that may overlook the fact that the value of their property will be in a state of flux. Over the course of time, it is possible for the value of the property to either increase or decrease. If you make the mistake of failing to have your policy updated to reflect these value changes, you may find that your home does not have the correct amount of insurance coverage. For this reason, you will need to have your home appraised every few years. This appraisal will help you choose a policy that has enough coverage to ensure you could replace your home if it were to suffer major damages.

Update Your Policy After Any Major Renovations or Purchases

Having a major renovation done to your home can be a great way of helping to make the house unique and better suited to your needs. Unfortunately, it can be easy to overlook the need to notify your insurance company of these changes. However, it is a common contract stipulation for the insurance company to be notified of any major changes to the property. Failure to satisfy this requirement can cause your policy's coverage to be voided. However, reporting these upgrades is usually a simple matter of providing plans for the upgrade. This is necessary so that the insurance company can properly evaluate the risk of your home as some upgrades, such as fireplaces or swimming pools, may increase the risks of insuring the property.

Understand Your Policy's Regulations in Terms of Repairs and Upgrades

Over the course of your owning your home, it will likely be necessary for you to have some repairs done to your home. It is common for some homeowners to want to perform these repairs on their own. However, your insurance policy may have stipulations about certain repairs needing to be performed by a trained professional. For example, repairs to the electrical or plumbing systems are often required to be done by licensed professionals due to the fact that improper repairs can lead to further damages to the property. By reviewing your policy, you will be able to easily determine when you are required to contacted a licensed professional to repair your home.

Contact your insurance company or a company such as North Georgia Insurance Center Inc for more information about a homeowner's insurance policy.


25 August 2016