When do we adjust our home insurance policy?

By Compuquotes Team on March 27th, 2008
Homeowners Insurance

Should you adjust your homeowners insurance when your kids leave home?

The general answer to this question is no. If your children have grown up and gone off to College or have their own place then you shouldn't change your home insurance policy unless you have a large liability umbrella or they took with them some valuable articles.

A home insurance policy generally only insures the structure and the contents. (For more information on whats covered under your home insurance policy). The insured value of the structure generally doesn't change a lot and your probably covered with a set amount for your contents. Your contents may or may not add up to exactly how much your insured for. It's not a big deal, keep a home inventory of your items. Off the top of my head I don't know what your children could have that would dramatically change your insurable contents but perhaps your very wealthy and your child has a ton of jewelry and takes it with them when they leave. In this case, you may want to notify your homeowners insurance agent that your child took those particular pieces with them. Your child will have to insure the valuables at their residence.

Another instance could be a large liability umbrella for a swimming pool. If you have a swimming pool it's likely your children would have friends over regularly to swim. There is a lot of liability with a swimming pool so to protect yourself you purchase liability coverage. If your children leave it's likely you won't have kids over regularly swimming. So in this instance, if you feel as if your chances for a liability claim is low you may want to contact your local homeowners insurance agent.

In both instances, please know that every situation is different. You should definitely consult with your agent regarding any specific change in your policy.

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