How Often Should I Upgrade My Home Insurance Policy?

Posted on by AgentInsure

When you built or bought your Little Falls, MN home, you purchased home insurance. But since no catastrophe has hit, it’s easy to forget to update your home insurance plan. Reviewing your home insurance helps you avoid a nasty experience when filing a claim. According to Hanneken Insurance Agency Inc., you should at least update your home insurance every year. But if certain situations arise, you shouldn’t wait for a year to lapse because disaster can strike in between.

Why insurance review is important

Home insurance not only gives you peace of mind but also protects what you treasure in case the unexpected occurs. Having sufficient coverage cushions you financially when your valuables are damaged or lost through perils like fire, theft, hail, and many others. Besides, periodic insurance review helps your agent find whether you are eligible for discounts.

When should you upgrade your home insurance plan?

After buying home insurance, it shouldn’t be a “set and forget” purchase. When the below situations arise, you should talk to your insurance agent for a review.

  • You bought new valuables: During the year, you might buy things little by little that can accumulate to a significant value when added together. Leaving these additions out of your home insurance policy is a recipe for disaster when the unthinkable happens. Often, take an inventory count of your valuables from room to room and compare them with your insurance list. Any uncovered valuable item should be insured.
  • Changes in your family size: You got married? Did you become a foster parent? These changes should be reflected in your home insurance to cushion you against liabilities that may arise from your family members. 
  • Significant home improvements: Added an extra room? Remodeled your kitchen? Update your home insurance policy with these significant improvements for optimal coverage.

Are you unsure when you should update your home insurance in Little Falls, MN, and its environs? Please contact Hanneken Insurance Agency Inc. for more information.