Is It Time To Update Your Home Insurance Coverage?

This spring, take stock of your home—then see how your insurance measures up.

Young millennial couple sitting on the front steps looking back at the home they just purchased together Stocksy/Trinette Reed

Spring is the perfect time for home projects, inspiring us to clean up and clean out. It’s also a great time to do a yearly check-in with your insurance agent to make sure your home policy is keeping up with your needs. Roger Odle, AAA senior vice president of insurance operations, shares a few key issues your agent will review with you.

Have you made updates to your home?

One of the most important things to let your AAA Insurance agent know, according to Odle, is whether you’ve made substantive renovations to your home. “Maybe the value oxf the home needs to be updated,” he says. “Maybe you’ve put on an addition or a new roof, which would affect your policy.”

Are you covered for office equipment?

For many of us, over the past two years, our homes have also become our offices, bringing a collection of computers, monitors, outers and other electronics into our living spaces. “If you have additional equipment at home, you want to talk with your agent to ensure your policy adequately covers it,” Odle says.

Does your liability coverage need an adjustment?

“Another item to check is liability coverage,” Odle says. “If somebody is injured on your property and they sue you, you want to make sure you are well covered.” The reason this is so important, he explains, is that any liability can endanger your savings, home and even future earnings.

Do you need umbrella coverage?

A personal umbrella policy (PUP) covers liability claims exceeding coverage limits of your homeowners, auto or even boat policies. Often, the personal liability coverage that comes with your home insurance policy is more than sufficient. For other times, a personal umbrella policy extends that coverage, up to $5 million more than your base policy. A policy review can help you decide if an umbrella policy might be right for you.

How can you save money on your policy?

First, check with your AAA agent to see what savings are available by bundling home and auto insurance and by using electronic payments. Also, performing regular preventive home maintenance can help reduce the number of claims you make and is a good way to save money on home insurance, Odle says. Spring home maintenance could include cleaning out gutters, taking steps to keep water away from your home and having a post-winter roof inspection.

Keep reading in: