This year when you receive your annual home insurance renewal policy you may want to consider  if you have had any life changes that could impact your policy. You may not realize it, but there are  many situations that occur on a daily basis that warrant a visit to your insurance agent to review and possibly update your home insurance policy. Some life changes that may have you considering an upgrade or change in policy might include buying an expensive piece of jewelry, starting a home-based business, taking in a new renter or ever moving in with a boyfriend or girlfriend. Having proper coverage is crucial for any homeowner that wishes to have peace of mind.

Here are a few other scenarios that may prompt a visit to your agent

A New Toy for the Kid

As innocuous as children toys sounds, you may be surprised by the necessity of proper insurance in certain scenarios. For example, you bring home a new electric toy car for your son and it fits him and a friend. If your sons’ friend happened to get injured while riding in the neighborhood you could end up with a hefty medical bill. In this case you might be able to add an endorsement that  would cover such a scenario.

Bringing Home a New Pup

Though they may be mans best friend, you need to consider what your new dog is capable of  damaging. Many smaller breeds pose no real threat to the safety of property, possessions or people, but some dogs, like Doberman pinschers and Rottweiler’s can inflict all kinds of damage to property and even worse to people. Some insurance policies have exclusions for all dogs or particular breeds for any liability suites that may arise. Check to see if this is the case for your policy and make any necessary adjustments.

Home Remodeling/Improvements

Don’t let your excitement for your new home improvements blind you of the fact that adding square footage almost certainly demands that you increase the replacement cost coverage of your home. See if your insurance covers you under major construction. Make sure to check before you begin construction, as most companies will not allow you to change your policy until the construction is complete.

By Michael Bain, an analyst for Move New Homes