Life Changes to Tell an Insurance Agent About : Smaller, more frequent changes in our lives can warrant an update to insurance coverage, guides agent Daniel Salerno.

When we hear the phrase “life change”, our minds jump to events like change in marital status, moving and buying a new car. While all of these may require us to update our insurance, there are smaller, more frequent changes that also have an impact.

 

Updates to the Backyard

Summer is the perfect time to get started on home renovations we’ve been planning all winter, but we should think about the effect outdoor projects can have on our home insurance policy. Home improvement projects can raise the value of our home and make it safer or pose liability issues.

While most home insurance policies cover minor backyard updates, it’s always a good idea to double check with our agent. Common summer backyard renovations include building a shed; repairing steps; pouring pavement; expanding a patio; adding exterior electrical; putting up a new fence; purchasing a big trampoline; purchasing an above-ground pool; building an outdoor dog kennel; or building a fish pond.

Be sure to follow all safety guidelines when making any of these updates to the backyard. A homeowner’s insurance policy may not fully cover surrounding buildings on our property, so if adding a building, we may need to purchase additional coverage.

 

Home Additions

If planning to enclose a porch, add a bathroom, upgrade the kitchen, finish the basement or make an addition, we may need to increase our coverage amount on the house. These types of home additions will likely raise the value of the home, but if we do not increase the coverage, we could be vulnerable in the event of a partial or total loss of the home.

 

Updating Indoor Home Systems

After replacing a home system such as a furnace, air conditioner or water heater, we may want to expand our homeowner’s insurance. Consider including residential equipment insurance, which will protect home systems should they malfunction.

 

Installing a Home Security System

If setting up a security system at our home, don’t forget to let the insurance agent know, because that may qualify for a discount on our home insurance.

 

Purchasing or Selling Farm Equipment

If we have farm or ranch insurance, we probably have coverage for the equipment we use every day, such as tractors, combines, grain, livestock and more. If we have sold or purchased equipment we use in the farm operation, a review with our insurance agent can help tailor coverage to fit our specific needs.

For more information, call Farm Bureau Financial Services agent Daniel Salerno at 480-635-3844 or visit DanielSalerno.fbfs.com.