Ten Things You Need to Tell Your Insurance Agent

Category: Personal Insurance

Changes to your lifestyle, your household and your finances can have an impact on your homeowners insurance policy and even affect the kind of coverage you need. Call us today if you experience changes in any of the following:

  1. Home occupancy: We—and your homeowners policy—assume that you occupy the home you own. If you move out and the property is vacant, or if you rent the home out to someone else, tell us! We will help you adjust or rewrite your policy to reflect the change in occupancy. If not, your policy could be voided.
  2. Cohabitation: If who lives with you or in your home changes, you may need to make changes to your homeowners policy. People who live in your home that are not named as insureds on your homeowners policy might not have personal property or liability coverage in the event of a covered loss.
  3. Working from home: Most homeowners policies limit coverage for business property and exclude liability coverage for business activities conducted in the home. If you work from home or start a home-based business, changes probably need to be made to your policy, or you may need to buy some additional coverage.
  4. Domestic workers: Domestic workers can be subject to workers’ compensation laws. Call us to discuss the insurance requirements if you employ a personal assistant, gardener, caretaker, maid or childcare worker.
  5. Motorized vehicles: Mopeds, snowmobiles, ATVs, golf carts, riding lawnmowers and other motorized vehicles need specialized insurance coverage. Call us if you purchase any type of motorized vehicle.
  6. Association living: If you are part of a homeowners association, your insurance needs could change if the association makes changes to the association master policy.
  7. Property held in trust: Trusts are often used for the purpose of transferring property after death. Homeowners policies must be endorsed to identify the trust as the property owner in these cases.
  8. Remodeling and home improvements: Guaranteed replacement cost provisions of homeowners policies usually require you to report major remodeling or home improvements. Significant changes in your home will likely require a change to your dwelling coverage limit.
  9. High value property: Certain types of personal property like jewelry, furs, guns, cash, silverware, gold, antiques and other unique or high value items need special personal property coverage. These items often exceed the limits of standard personal property coverage and need to be separately insured up to their full replacement value. If you purchase any new items, or the value of any of your existing items changes significantly, you need to tell us about it.
  10. Second home or property: Property and liability coverage for other locations (e.g., vacation homes, cabins, rental properties, farm properties, hunting land and leased property) could be specifically limited or excluded from your homeowners policy. These properties usually need to be insured separately. Changes or new purchases must be reported to us immediately.

As a general rules, always keep us in the loop when you make major changes to the physical structure of your home, your living arrangements, your finances, or any major purchases of property or valuable items. Your homeowners insurance and any other applicable policies should be updated to make sure that you are neither under- nor over-insured. Have you experienced any of the changes above? Have you notified your agent?

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