Life around the house can be busy, especially when things are changing. When you make changes it can be hard to keep your insurance policy in mind but it is important to do so. Changes to your home or how you use it are important to discuss with your broker. These changes can affect your coverage in the event of a claim.
Here are a few things to contact your broker about to make sure your policy is up to date.
Renovations
A lot of people are updating their houses these days and while a new coat of paint is no reason to call your broker there are a lot of things where you should. For example if you have finished a basement, added square footage, updated to granite countertops, converted a garage to a bedroom, etc. it is important to let your broker know. These things can affect the value of your home so that your current insurance policy may no longer provide adequate coverage. If you are not sure if your policy should be updated just give your broker a call and they will let you know.
Having Tenants
If you have started renting out a room or the basement of your house to supplement your income you need to let your broker know. Your policy will need to reflect this and you may want to add some extra coverage such as rental income or increase liability. You may also want to require your renter to have their own insurance so their belongings and liability are covered.
Your Home is Vacant
Whether you are just going on a trip for a couple weeks or if your house is going to be vacant for a few months it is essential to inform your broker. There are certain precautions that need to be taken even if you are going on a short trip and if your home is going to be vacant for an extended period of time special coverage may be required.
Adding a Swimming Pool or Trampoline
Changes like adding a swimming pool or trampoline will also affect your insurance. These changes may not necessarily affect your insurance premiums but they are added risks that you need to let your broker know about. Your broker will advise you whether or not you need more coverage, as well as let you know of any recommendations the insurance company may make such as putting a fence around the pool.
Starting a Home Based Business
Running a business from home is a great way to get started but it is important to have a conversation with your broker. Your broker will make sure you have the coverage needed for any business related contents such as computers or office equipment. You may also require some extra liability if you have clients or employees visiting your home. You should also consider having a separate insurance policy for your business; your broker can advise you on this.
Not letting your insurance company or broker know about the changes around hour home could result in a problem with a claim or getting coverage in the future. In order to ensure you are fully protected contact Absolute Insurance Brokers today at 1-877-941-2266. Our team is more than happy to answer any questions you may have.
