Updating your home insurance policy

Jane Kepley

CR Properties

When you buy a house, your mortgage company will require a home insurance policy before closing on your loan.

But home insurance isn't necessarily a one-and-done deal. You'll want to reevaluate your policy regularly over the course of your time in the home. This is especially important if you renovate and when home prices or building material costs rise in your area.

Here are a few lesser-known times when you might want to reassess your policy.

• You got a dog. Getting a dog means added liability, particularly with certain breeds, so you'll want to speak with your insurance agent if you purchase or adopt one. An adjustment can protect you if your new pet damages a neighbor's property or injures someone at your house.

• You're starting a business. If you plan to operate a business out of your home, you'll want to increase your coverage to protect your business and any related equipment. You may also want to purchase separate business liability insurance.

• You have new valuables. Did you get an original artwork at auction? Are you inheriting a classic car from your grandfather? You'll need to update your insurance policy to cover any assets like these at home.

• You've added some form of home security. Taking steps to make your home safer and less prone to damage can qualify you for an insurance discount. Let your insurer know if you install an alarm system or automatic water shut-off device.

Do you have more questions about homeownership? Looking to sell your home or buy a new one? Reach out to Jane Kepley with CR Properties for more guidance around homebuying and homeownership by calling 760-622-0204 or emailing [email protected].