How often do you review your home insurance? Most homeowners buy insurance when they first buy the house, but they do not see the importance of reviewing it. This is despite the fact that an annual home insurance review provides better protection for the house and belongings.

You need to understand that the value of your house grows as time goes on, and so the insurance should grow, too. If you do not review it, you may be left with an enormous gap that makes it costly to rebuild in case of an emergency. Besides that, you may have upgraded your house, and so, you need new insurance coverage.

Let us look at some of the benefits of an annual review of home insurance.

It Takes Care of Home Improvements

Everyone likes to add new features to their house from time to time. These are the things that make your home more comfortable. You may not know that these things are not part of your initial insurance, so you have to include them through a review.

For example, you may have decided to add a shed in the backyard or a new extension to the house. Although these features give you the convenience that you always look for, they need to be protected from various risks. It is only through talking to an insurance agent that you will get proper coverage.

Some improvements that may warrant a review of your homeowners’ insurance include:

• A new swimming pool
• A renovated bathroom
• New kitchen cabinets
• A better HVAC system

When you carry out an annual home insurance review, the insurer will be inspecting the house to see how much value these items have added to it. You may be baffled to find out that the value of your home has almost doubled, and they will adjust the coverage accordingly.

A Home Insurance Review Includes New Belongings

When you moved into that house, the insurer recorded the value of belongings that you had at that time. These items have increased, and this calls for a review. You stand to lose a lot of assets if you do not review regularly.

Maybe you replaced your old music system with a new one, or you bought a new TV. The same applies to when you just bought a new car that parks in your garage every day. It is important to protect these items.

It is common for people to look for new and better belongings every day, and so, you should also look for better insurance regularly. Imagine what would happen when there is an accident, and the insurer pays you half the price of the TV you lost. Such situations can be avoided through a review.

It Takes Care of Your Home Business

Did you start a home business? If so, it’s only more of a reason you need a review of your homeowners’ insurance. Working from home is a wonderful experience only if you know that everything is included in your insurance coverage.

Think about the amount of money that you spent setting up that business. Would you want to lose it when a fire or any other accident breaks out? Nobody wants to go through such a situation, and so, you have no option but to insure everything after a thorough review.

Another reason you need a review is the fact that home businesses grow. Its value when you started will not be the same three years later. Because of that, you should review the insurance for homes to reflect the new value of the business.

New Safety Systems

If you moved into that house a decade ago, there were likely no sensors, alarms, or similar security systems. If there were any, you have upgraded them, and their value has grown. It is something that should be factored into the new homeowners insurance coverage.

People are upgrading to smart security systems, and they cost a fortune. If you ask any contractor about the value of the latest systems, the quotes will baffle you. It means that if you do not upgrade the insurance, you will incur huge losses when a home accident occurs.

It Takes Care of Your New Pets

Did you buy a new dog, cat, or other pets, but you have not insured them? You are risking a lot because you will be left with nowhere to get a replacement if anything happens to them. People often like it when they get a new dog after losing the one they loved.

Maybe, you only had a cat when you moved into the house, but you have not added a dog and other pets to your list. According to your insurer, the new additions do not exist until you review the coverage. That is why you should move fast and upgrade it.

When You Rent Out Your Home

You may also find it necessary to get an annual insurance review for your home if you rented it out. Sometimes, you get tired of living in the same place, and you want to move. You may also have found a better home.

In such a situation, it is good to acknowledge that the new occupant of the house does not have the same belongings as yours. They have different pets, electronics, jewelry, and many other things. The insurance company has to be aware of this, and it can only happen through a review.

Protecting your home through a review may take quite some time because the valuers would have to assess everything. However, it is worth every bit of the process because it gives you the maximum protection you and your family need.

Get an Annual Home Insurance Review

Now that you know the benefits, you should move fast and get your home insurance reviewed. The best way to do it is to contact a reliable company. Make sure that they have a good reputation in this industry.

At the Soden Agency, we strive to give you peace of mind in all aspects of your life. Whether it is getting insurance for cars, homes, or businesses, our team is there with one goal: to help protect what’s close to your heart from loss. Contact us today for your insurance needs.