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is a journey. That journey is full of change, milestones, and challenges. Insurance needs can be affected by those changes. That's why it's so important to meet periodically with a local insurance agent in your Virginia community. It allows you to discuss what's happened in your life and adjust your home insurance policy to meet your needs better. In some cases, you may be able to save money. In others, you might need to boost your coverage to avoid a shortfall in the event of a claim. When the challenges of life come in the form of a fire, theft, or severe weather, you want your home and everything inside to be covered!
Let's look at a few possible scenarios:
1. You did a major home project
Did you add a deck or porch to your home? Renovate your kitchen? Did you put in a swimming pool, garage, or shed? Most home projects increase your home's value. These types of changes to your home's value may require an increase in your home insurance coverage limits. Even if you purchased new furniture, it's best to let your insurance company know to ensure those things are covered in the event of a home claim.
2. You got engaged, married, or divorced
Perhaps you got engaged or tied the knot. You may want to combine insurance and add your spouse to your policy. You also likely purchased new jewelry. Sometimes, expensive items such as these require a rider or endorsement. Those are just insurancey words for an add-on policy. This type of policy gives those items special coverage against calamities not included in your home insurance policy, like finding your large gemstone missing from its setting or having a valuable ring slip off your finger while swimming at Virginia Beach.
Maybe you didn't get married but you recently combined households with your partner. Did that add significant value to the contents part of your home insurance policy? You would want the additional furniture, electronics, exercise equipment, and other things of value to be covered in the event of a loss. It's also important to add those additional items to your home inventory.
Likewise, divorce can mean a shift in the valuable contents of a household, especially if it does not result in the sale of a home. It would also change who is listed on your policy, especially when it comes to car insurance.
3. Someone passed away
When life brings the most difficult times, many things often shift and must be rearranged. Home insurance is the last thing you may be thinking about. When you feel ready, there are important things to change, like taking a loved one's name off important documents like accounts and insurance policies.
You also may have inherited a family heirloom, jewelry, or something else of high value. Sometimes, items such as these require a rider or endorsement. This might require an appraisal but will give you great peace of mind that those valuable treasures are protected.
4. You've noticed more flooding events close to home
Virginia has had its share of rain in recent years. That's not all. Hurricanes Florence and Michael tore through central and western areas of the state in 2018. During Hurricane Michael, the Dan River region suffered about $12.9 million in damages from flood damage, according to the Virginia Department of Conservation and Recreation.
Home insurance does not cover flooding to your home and a separate policy may be needed. The National Flood Insurance Program explains that 1 inch of flooding can cause up to $25,000 in damages to a home. That’s a cost few Virginians can afford. If you are concerned about potential flooding around your home, visit the Virginia Flood Risk Information System and speak with your local agent to assess your risk.
It's also important to plan. It takes 30 days for flood insurance policies to go into effect, so don't wait for the next big storm to be in the forecast. That will be too late to secure coverage.
5. You're thinking about buying a vacation home
This is one of those things you should look into before you take the plunge! Insuring a second home, especially a vacation home or somewhere you could retire to, may require unique insurance needs.
Homes that attract vacationers and future retirees often have risks that may make them difficult and expensive to insure. Maybe they're located near water. The home may be sitting unoccupied for long periods. Either way, knowing the cost to protect that second home with appropriate insurance might help you budget before committing to the purchase.
6. You started a small business in your home
Dog training, daycare, tutoring, and even selling products from your home are all small business activities that may be excluded from your home insurance policy. That includes liability related to the business as well as space and equipment in your home used for the business. Talk with one of our local agents to find out if you need small business insurance separate from your home's coverage.
7. Your child is starting college
If your child goes away to school, especially for the first year, many universities require them to live on campus. It's a great way for them to get integrated into college life. It's good to know their belongings are covered against theft and damage from the same-named perils on your homeowners policy. Expensive laptops, bikes, and electronics come to mind.
That may no longer be the case if they move off-campus, so you should talk to your local agent about purchasing an affordable renters insurance policy. You may even be required by the landlord or property manager.
If any of these changes have affected you, a short conversation with your local agent should help you to determine if adjustments to your home insurance policy are necessary. It's good to know you'll have protection moving forward. You never know what life may bring!
THE NORTHERN NECK INSURANCE INTEGRITY PROMISE — We pledge to provide straight talk and good counsel from our NNINS Virginia insurance experts through our blog. While we hope you find this to be a helpful source of information, it does not replace the guidance of a licensed insurance professional, nor does it modify the terms of your Northern Neck Insurance policy in any way. All insurance products are governed by the terms in the applicable insurance policy.
