Homeowners are advised to buy insurance to cover their assets in case of emergencies that may be financially demanding. Homeowners insurance covers the cost of damages done to the building, items within the building, and on the land. It is important to have detailed information or a breakdown of the included coverages before purchasing insurance, to make a well-informed and financially savvy decision. Also, it is best to inform your insurer before making significant changes or starting projects on your home. This article is a consumer’s guide to homeowners insurance for efficient coverage while maintaining affordability.
Regular roof inspection
A broken roof may cause a series of further damages to your home, including water leakage, electric hazards, and structural damage. These structural damages may weaken the building and make it more susceptible to destruction triggered by natural disasters, like heavy winds. It is advisable to inspect your roof regularly and make immediate changes if need be. Repairing a damaged roof helps limit potential risks and may reduce your premium.
Renovating your home
Simple home renovations such as painting or changing furniture may not affect your insurance. However, significant structural changes like tearing down walls, big-sized fixtures, or total remodeling of rooms may have a considerable effect on your premium or compromise your coverage. It is best to inform your provider of major renovation plans before embarking on them to know how they will impact your homeowners insurance.
Renting out a part or all of your house
Renting out your home for the short or long term may also affect your coverage. It is advisable to inform your insurance provider to know whether to continue with the existing coverage or to purchase a new one. For example, a landlord’s insurance policy may be the ideal option to provide full or maximum coverage for your business transaction.
Going on a vacation away from home
Homeowners are advised to inform their insurance companies before leaving home for an extended period (weeks or months). Some providers mandate clients to follow certain rules or put measures in place to help ensure that the house is well-managed during the owner’s absence. Homeowners should also inquire about the provisions for adequate coverage when the home is uninhabited.
Installing a pool or hot tub
Hot tubs and swimming pools increase potential risks in your home because they have hazardous features. It is advisable to ensure that they are included in your coverage policy to cover the cost of damages like medical bills if an accident occurs. It is unwise to assume that pools and hot tubs are automatically covered because some insurers may require an additional policy to include coverage for these installments. If an additional policy isn’t needed, it is best to ensure that your third-party liability coverage limit is wide enough to protect you in case of an incident.
Running a business from home
Owning a business comes with its unique risks, and a home-based business is no different. It is advisable to know if your homeowners insurance covers potential risks or accidents that occur while running your business. You may be required to purchase an additional policy or opt for the standard commercial insurance policy.
These are some of the things you need to share with your home insurer to ensure adequate homeowners insurance coverage. For assistance with all your home insurance needs, contact the experts at Pierce Insurance Group today. We are ready to help you with all your coverage needs and questions.