Special Cases That Can Affect Home Insurance Needs

It is not uncommon for homeowners to purchase a home insurance policy and then never meet with their broker again, but that can be a mistake. There are several situations that can change your insurance needs, and you’d never know about them if you don’t conduct a review from time to time. Here are a few things that can change in your life that may call for changes to be made on your home insurance policy.

home insurance is the protection of the deed holders

1. Satisfying the Mortgage. While you still want to have home insurance after your mortgage is paid off, you no longer have to carry the required amount of coverage stipulated in your mortgage contract. This amount could be higher than you need to properly cover your home, so contact your local Jamieson-Hilts broker to discuss your coverage limits.

2. Marital Status Change. Since part of home insurance is the protection of the deed holders, your policy will need to be updated if your spouse has been added or removed from the deed.

3. Change in Residency. Home insurance is written based on whether your dwelling is a primary residence, vacation home, or income property. If your use of the home changes, such as renting it out when you head to a warmer climate during the winter, you should discuss this with your insurance agent to determine if you need different or additional coverage.

4. Home Renovations. If you make significant improvements to your home, such as building an addition or upgrading to high-end materials and appliances, you may need to increase your coverage limits to reflect your additional investment so it is adequately covered in the event of a loss. On the flip side, if you downsize your home by tearing part of it down (unlikely, but possible), your rates could go down.

5. Personal Property Changes. Home insurance covers only a certain amount for personal property. If you purchase something valuable, you should talk to your agent about scheduling it or adding additional coverage to your policy.

6. Property Appreciation. If property values have gone up a significant amount since you first obtained your home, you may want to consider raising the coverage you have on it.

If you have questions about your current home insurance or would like to discuss changes you’ve made to your home or want to make to your policy, don’t hesitate to contact us at Jamieson-Hilts Insurance Brokers, Ltd. We have been serving the Woodstock, Ontario area since 1865, and we’re happy to help you find the best policy and coverage for your needs and budget. Call us today to learn more.