It’s very common for homeowners to pay their insurance rate without ever reviewing the policy in detail. Many have automatic payments set up, so they don’t even have to think about the transaction. While bill pay is convenient, coverage should always be reviewed because it may need to be updated in the future. Without knowledge of what’s outlined in the current policy, a homeowner may have to pay out-of-pocket if an incident occurs that’s not covered.

Many things can change during the course of owning a home, like adding a room, pool or detached garage, upgrading a kitchen or bathroom, or decorating with expensive artwork. Any upgrades warrant a review of your homeowners insurance policy. Here are some examples of when you should evaluate and consider updating your coverage.

Recent Additions

It’s rare to buy the home of your dreams and never makes any updates. Over time, you may want to a deck with a built-in hot tub or a new home theater system. Any time an improvement is made to your home, check if it’s covered under your existing policy ahead of time.

New Personal Property

When you get the raise or bonus you’ve been looking forward to, chances are you’ll want to splurge a little. Anything of high value, such as jewelry, artwork and electronics, need to be included in your personal property inventory. Failing to update your homeowners policy with these additions means you have to deal with the loss out-of-pocket if anything is stolen.


If you have an older home, you may want to upgrade an outdated area like the kitchen or bathroom after a few years. A major remodeling job may increase the value of your home but could make it more expensive to rebuild, should disaster strike. You may need additional coverage after a remodel to make sure your policy would completely cover a potential rebuild.

Schedule Reviews

In general, it’s a good idea to schedule regular reviews with your insurance agent. Stay on top of your coverage and refresh your memory of what’s included or excluded with a bi-annual meeting. Some often overlooked areas include flooding, wind damage and dog bites (for pet owners). Work with your agent to review your policy and determine the best coverage for your needs.
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