Your home is a huge investment. It’s important to keep your homeowner’s policy up to date to protect that investment. Here are 4 reasons to update your MA homeowner’s insurance policy.
You’ve Completed an Addition
Additions increase your living space. It also adds value to your home, both from a resale perspective and from a replacement/rebuild perspective. Since homeowner’s insurance premiums are based on “replacement value,” you will need more coverage for that new addition. It’s therefore one of major reasons to update your MA homeowner’s insurance policy.
You’ve Renovated Your Home
Major home renovations can also increase your home’s replacement value, especially if you’ve installed high end products. For example, if you’ve spent $50,000 on adding a gourmet kitchen with high end appliances, you’ll want to make sure that your insurance covers that additional value. Otherwise, if your home is damaged by a major fire, you may only receive enough insurance coverage for a low-end kitchen. Preserving your investment in renovations is one of the reasons to update your MA homeowner’s insurance policy.
You’ve Added Safety/Security Features
Most Massachusetts insurance companies provide some type of discount for home safety features. A good example of this is a security system. If you’ve made any recent security improvements to your home, it’s a good idea to check in with your insurance company. After all, it could save you some money!
You’ve Changed Employers/Professions
Although this may not relate directly to your home, changing employers or professions is a good reason to contact your insurance company. Some companies offer employee discounts. The same goes for any associations or membership groups to which you belong.
Summary of Reasons to Update Your MA Homeowner’s Insurance Policy
Homeowner’s insurance is meant to protect your investment against major disasters. However, it can only do so if it’s accurate. Updating your policy when major changes are made to your home is critical. It’s also a good idea to update your policy and take advantage of any new discounts for which you qualify. Ultimately, your MA homeowner’s insurance policy should maximize your protection and savings.