WASHINGTON--(BUSINESS WIRE)--A lot could have changed since you last checked your homeowners insurance policy. In the course of a year, you may have started a home business, purchased a Smart TV or even added a new pool in the backyard.
Any adjustments to your lifestyle can affect your homeowners insurance coverage. GEICO says a homeowners insurance check-up ensures that your policy coverage keeps pace with your lifestyle.
Take an inventory of items in your home
If someone stole a Smart TV or other high-end electronic devices from your home, are you prepared to replace them? Do you have the product names and serial numbers on file? Do you know the cost of each item if you had to file a claim? Take an inventory (video and photographs) of your home's personal property. It will help you gain a better understanding of the costs associated with replacing your stuff if it's ever stolen or damaged.
How much coverage should I have?
You might need additional homeowners insurance coverage and not even realize it. Take an assessment of what's important to you and what's worth protecting. Carefully review your coverage limits, personal liability protection, replacement costs and deductibles. This will give you a better indication of the types of coverage you will need and will also help you determine the appropriate coverage amount on your policy.
Do I need any special coverage?
If you have purchased luxury items such as jewelry, collectibles or fine art, you may need to obtain special insurance coverage that provides protection not available on a typical homeowners insurance policy. The more information you have about your policy's standard exclusions and coverage limits, the better prepared you will be to protect the actual property in your home.
Your policy should reflect your individual needs
Your new backyard pool is the rave of the neighborhood. But have you thought about the financial risk if someone slips and falls and decides to sue you? With any changes to your home, it's important to make sure that your policy coverage limits are up-to-date and reflect your current lifestyle needs. This will ensure that your home is well protected and that you are shielded from any liability on your property.
For more information on homeowners insurance, visit https://www.geico.com/information/aboutinsurance/homeowners/.