Homeowners insurance helps protect your property from a variety of natural disasters and accidents. Some homeowners may purchase a policy and think they are set for life. However, there are several circumstances that would call for the need to review your insurance policy. If you’re going to experience the following changes, you’ll need to update your home insurance policy to ensure that your home is properly covered.

Major Renovations

A major remodel or renovation project can change the value of your home and the replacement cost, which is the cost to rebuild your home. The dwelling coverage is based on your home’s replacement cost estimate. If you make certain changes to your home that will change the replacement cost, such as adding square footage, finishing your basement, or upgrading your countertops, you’ll need to review your home insurance policy.

Adopting a Dog

Many homeowners may not consider that bringing a new dog into their home can affect their home insurance. Many insurance companies have restricted breed lists, making it challenging for some dog owners to get coverage. You may not be able to get reimbursement for dog bite injuries and other damages when your dog is on that list. If your insurer does cover your dog, your monthly premium might still increase. You may want to update your liability coverage on your policy to cover the additional risk.

Swimming Pool Addition

Installing a swimming pool can call for a change in your dwelling coverage, but you also may need to consider liability coverage. You could be held responsible if someone is injured on your property by a pool or similar item, like a trampoline. Liability coverage helps cover medical and legal fees associated with the injury.

Installing a New Roof

One factor that can determine the monthly cost of your homeowners insurance is the age of your roof. Homeowners with older roofs are more likely to file a claim since they’re more prone to damage. You will likely be eligible for a lower premium once you install a new roof. Adding new wind mitigation features on your roof may also decrease the cost of your insurance.

Improved Security System

Investing in a new home monitoring or security system not only gives you peace of mind that your home is safe, but it can also save you money on your homeowners insurance. Updating your security measures lowers your risk of theft or a break-in. Many insurance companies offer discounts for features like burglar alarms, deadbolts, and smart locks.

Starting a Home Business

Home insurance policies often offer limited coverage for business equipment. You may only require extra coverage if you have specialized equipment or a large inventory in your home. However, liability claims associated with a home business are usually excluded. If you need additional coverage, consider an endorsement or commercial property insurance.

Making an Expensive Purchase

Personal property coverage helps to repair or replace your belongings after a covered peril, like a fire. You may need to review your personal property coverage if you plan to make an expensive purchase, such as a new television or appliance. If you don’t have enough coverage for the new items, you’ll need to increase your coverage limits to protect against any loss. In some cases, scheduled personal property coverage is needed for high-value items, such as jewelry or fine art.

If you make any significant changes to your home, let your insurance agent know so they can help you adjust your coverage accordingly. Certain upgrades may already be covered under your current policy, but it’s always worth checking if you need additional coverage to properly protect your home. Be sure to regularly review your coverage to avoid being underinsured or paying for more coverage than you actually need.