Your home insurance is designed to protect you, but it only works properly when your policy reflects your current situation. Certain changes to your home, lifestyle, or possessions can affect your coverage, premiums, and even your eligibility for insurance.
At Gibb Insurance Brokers, we encourage homeowners to let their broker know whenever something significant changes. A quick update can help ensure you have the right protection in place.
Common Changes to Report
Home Renovations: Major renovations, especially structural updates, kitchen remodels, or additions, can increase your home's value and may require adjustments to your policy.
New Roof or Heating System: Replacing your roof or upgrading your furnace can reduce certain risks and may even qualify you for lower premiums.
Renting Out Part of Your Home: Whether you have a long-term tenant or offer short-term rentals, your standard home insurance may not provide adequate protection without additional coverage.
Pool or Hot Tub Installation: These additions can increase liability risks and may require higher liability limits or policy endorsements.
Valuable Purchases or Gifts: Jewelry, artwork, collectibles, and high-end bicycles may exceed the limits in your existing policy and require special coverage.
Starting a Home-Based Business: Running a business from home often requires additional protection for equipment, inventory, and liability.
Extended Travel: If you plan to be away for several weeks, your insurer may require someone to check on your property regularly to maintain coverage.
Marriage, New Partner, or Mortgage Changes: Adding a spouse, paying off your mortgage, or having a partner move in are all important updates that should be reflected in your policy.
When in Doubt, Ask
If you're unsure whether a change affects your insurance, it's always worth checking with your broker. Keeping your insurer informed can help prevent denied claims and ensure your coverage continues to meet your needs.
At Gibb Insurance Brokers, we're here to help you protect what matters most. Please reach out to us if we can help you: 519-736-8228