Aug
24

Do you Need to Review your Homeowners Insurance?

August 24, 2013

Protect your home from new pets and other changesIf it’s been a few years since you purchased or reviewed your homeowners insurance policy on your Chicago real estate, now may be the time to give it a second look. If you have made recent changes to your home or belongings, you may not be adequately covered; even if you haven’t done anything major, you may be surprised to learn some of the scenarios in which you would need to expand your coverage to make sure that you’re protected.

The insurance experts at the Equifax Finance blog explain why and when you should review your homeowners insurance policy in the recent article “When Do You Need to Review Your Homeowners Insurance Policy?”. For example, if you’ve completed some home upgrades. If you’ve increased the square footage on your home, you’ll need to increase the replacement cost coverage on your home. You won’t be able to purchase a new policy until the renovations are complete; so get in touch with your insurance agent prior to making any big changes so you’ll know what to expect. Remember to only hire contractors who carry their own liability and workers’ compensation coverage in the case of any injuries that might occur while they are working on or in your home.

If you’ve gotten a new pet, bought or received as a gift an expensive piece of jewelry, furniture, artwork, antique or fur coat; if you’ve started a home-based business or if you’ve taken in a renter, you need to review your policy. The best advice is to review your policy every year when it comes up for renewal.

Learn more in the full article on the Equifax Finance blog. While you’re there, you can learn more about insurance and other personal finance related topics from identity theft to credit reports to taxes and more.

About The Author

Read All Stories By Ben Heisler

Ben Heisler works as an account coordinator for clients involved in the housing market, construction material, rentals, personal finance and more. Visit my Google+ profile.

1 Comments

1

Good advice in this post. I’d add that when you’re doing renos, you’d be wise to contact your insurer for a heads up to make sure your policy coverage isn’t affected during the actual renos.

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