Think You Have Enough Insurance? A Few Times You Will Want To Add More

If you are like most people, you do a bit of research to find the best price, buy your homeowner's insurance policy and let it renew annually. For the most part, this is not a problem. As long as you bought enough coverage when you first set up the policy you will be reimbursed adequately when you need to make a claim. There are times, however, when you should contact your agent and increase the amount of your coverage or add new coverages to it. Don't get stuck having to pay out-of-pocket for something that should have been paid for by the insurance company because you didn't change your policy.


If you do major renovations to your home, not only will the value of the home increase, but so will the cost to replace or repair it. Before the work is finished, make arrangements with the insurance company to increase the coverage amount on your policy. This way, if something happens to the materials while they are on the property, you will not have to repurchase them with your own money.

New Furnishings

If you had older, worn furniture when you first purchased the policy, you may have kept the amount for furnishings at a minimum to keep the premiums lower. When you replace the old items with new, be sure to increase this on your policy or you will not receive a fair replacement amount if you need to make a claim. Don't forget to update the policy any time you buy expensive items, including jewelry, electronics or art too.

Vacation Home Coverage

Whether you rent or buy a vacation home, you should make sure that anything you own that is on the property is covered on your insurance policy. You also want to be covered if something that is owned by the property owner breaks while you are staying in a rented place. You do not want your vacation to end up costing extra money because one of the kids broke a bay window.

It might seem like an unnecessary expense to be adding things to your current policy. However, if you ever need to file a claim, whether because of theft, fire or just an accident, the increase in the monthly premium will be small compared to what you would have to pay to replace things. Go over your policy and what it covers with an insurance company like Dyck Insurance Agency (Wetaskiwin) Ltd, and be sure to update it as you purchase things or make changes to your home.