Properly maintaining your home is an important piece of the homeownership puzzle. Needless to say, it is an ongoing process. Did you know that your homeowner’s insurance policy is an important part of your overall property maintenance? This is due to the fact that homeowners insurance provides you with financial based protect against unfortunate occurrences. By unfortunate occurrences we are referring to accidents, burglarizes, natural disasters, and other incidents that may result in damage to your home and or your possessions.

That being stated, as you make improvements and updates to your home, you also need to be aware of the fact that those improvements and updates may very well affect your homeowner’s insurance policy. That means your homeowners insurance policy may very well need to be improved and updated as well in order to provide you with the proper coverage. That is exactly why you should review your homeowner’s insurance policy on a yearly basis, and now is a great time to do just that. First and foremost, you may very well find that there is an increase in your property value.

In essence, your home will typically increase in market value during the years that you own it. For example, you may have purchased your home for $400,000 five (5) years ago, and it is now worth $525,000. If you have not reviewed and made the necessary changes to your homeowners insurance policy than you may not be carrying enough insurance to cover the $525,000 value. That means if your house is destroyed by a fire, you may end up on the short end of the stick. The bottom line is that if your home has gone up in value, you need to increase your homeowner’s insurance policy in order to mirror the updated value.

In addition to your home increasing in value based on the current real estate market, it could also increase in value based on any home improvements that you may have made. For example, if you had added a new room, or made renovations to your kitchen and or bathrooms, it will certainly increase the value of the property. That means the replacement cost of your home will also increase. A review of your current homeowners insurance policy will show that you need to add more coverage in order cover the increased value of your property.

Last but certainly not least; you may have gained personal contents since your last homeowners insurance policy change. For example, you may have purchased expensive furniture, artwork, or jewelry. Your homeowner’s insurance policy needs to reflect this as well, otherwise you may not be fully covered if your personal belongings are stolen, damaged, or destroyed.

If you own a home in the Commonwealth of Massachusetts you need to ensure that you have the proper homeowners insurance policy in place. Please consult with a professional insurance agent that can answer your questions about all insurance related topics. It is important to fully understand exactly what you are buying when it comes to insurance policies. If you have any questions, please call (508) 831-0133 to contact an associate at Zawada Insurance. We are happy to walk you through the details of your insurance policies and explain your coverage options. We look forward to helping you with all of your personal and or business related insurance needs now and in the future.