Considering your policy of homeowners insurance in coastal areas, there will be several times you may need to update your coverage. Here are four of them.
After a remodel. When making improvements to your home, whether it’s a new kitchen, flooring or windows, your home will increase in value. This includes adding exterior structures, such as a two-car garage, workshop or shed. Verify your policy will cover the costs of the higher value of your house.
After buying high-end items. Have you bought a 60-inch television, a full wardrobe of designer clothing or a diamond necklace? You may want to check your policy to ensure that your limits and coverage are high enough to replace your costly items in case of loss or theft.
After making lifestyle changes. If you’re ready to retire, check to see if your insurer offers cheaper rates to retirees. Insurers view smokers as higher risk, so if you kick the habit, check for rate decreases.
After installing a swimming pool. If you have the privilege of having a pool in your back yard, congratulations! Just know that there is increased the risk of drowning or injuries, so you’ll want to make sure your coverage is increased to cover that possibility.
Homeowners insurance in coastal areas is necessary for residents who live on the beach. Just be sure to review and update your policy as needed.