Can I Change my Coverage At Any Time?
When you secure a homeowners insurance policy, it's usually something that you expect to keep for a long time. However, life circumstances often change, and, as a result, we sometimes have to make changes to these policies. If you end up moving or adding something to your home, then you're definitely going to have to make some changes to your home insurance policy, so that you can make sure you stay protected at all times. If you don't change your policy and something happens, then you could be forced to pay for a lot of the damage out of your own pocket.
Because of the risk associated with not changing your policy, it's important that you do so as soon as you can, Most homeowners insurance providers will allow you to make changes to your policy whenever you need to do so, as they recognize the importance of being covered as best as you can. Some companies may have particular rules about making such changes and how much you can lower coverage, but you'll need to take that up with each individual company. Generally, though, you will be allowed to make a change to your policy.
When Change is Necessary
If you're wondering whether you need to make some changes to your homeowners insurance policy, then you need to consider what exactly the situation is. One reason that you might have to change your policy is that you have recently made some changes to the structure of your home. For example, you may have decided to put a new roof on your home. This is definitely going to change its value as well as how much it would cost to repair. As such, you made need to make some changes to your policy.
Another reason you might need to change your policy is because you have purchased another home. If you are moving, then you're going to need a policy that will protect your new home. Your provider needs to be given all the information you have about the home, so that you can be given some new rates for premiums. Some providers may require you to finish out the term of your contract on your first home before you can get another one, but you will need to look into this and ask each specific provider.
Yet another reason why you might want to change the terms of your homeowners insurance policy is if you experience a change in your personal belongings. If you decide to get rid of or sell some of your antiques and electronics, then you are not going to need as much personal protection for these items. If, however, you inherit some expensive or antique items from a family member, then you may end up having to increase your coverage quite a bit. Always make sure that you document any change like this and try to get the right amount of coverage.
How to Make Changes
All companies are going to have different rules regarding how you can make changes to your policy. While you may be able to change your coverage at any time, you will have to follow these guidelines. Many companies will allow you to make home coverage changes to your policy using a simple online form. Other companies will require that you call and speak to an agent over the phone about your desired changes. Still, some other companies may require that you go to speak to someone in person about these changes before any of them take effect.