Home ownership changes over time. Re-evaluate your risks at least once a year to ensure your policy meets your needs. An easy way is to create a home inventory and go over it with your insurer to be sure your policy covers your stuff.
While nearly half of homeowners (44 percent) have a home inventory, many haven't updated it in more than a year. Maybe you've expanded your family, renovated your home or added smart technology. Discuss these changes with your insurer so your policy reflects your needs.
What is not covered (in a typical policy):
Flood — water damage from leaky pipes, siding and roofs is likely covered, but ground-water damage from rain, run-off or snow-melt is not.
Earthquakes — damage from earth-movement is more common than you think and may not be included in your policy.
Mold — homeowners policies often exclude covering the cost of damage from mold.
Infestations — damage caused by termites, rats or other infestations are not typically covered.
Home Office — if you store business inventory or supplies at home, it is not likely covered. Failing to disclose a home-business to your insurer could lead to a cancelled policy. Be sure to discuss any use of your home for business and secure appropriate coverage.
Pets — your policy may exclude liability coverage for certain breeds of dogs or exotic pets.
What may not have enough coverage:
Jewelry, art, or heirlooms — a typical policy includes limited coverage for valuables. These limits could fail to fully cover an expensive piece of jewelry, antiques or artwork.
Detached buildings or pool — a shed with lawn equipment is likely covered, however, an in-ground pool or a detached garage with classic cars may require an additional coverage.