Your home is one of your most important assets, so naturally, you want to ensure your homeowner’s insurance policy provides you with protection and also covers a broader range of circumstances. To avoid being underinsured, the Insurance Information Institute (III) recommends you ask your independent agent the following questions: Do I have enough insurance to rebuild my home in the event of a complete loss? Do I have enough insurance to replace my possessions? Do I have enough coverage for additional living expenses if I am displaced? Do I have enough insurance to protect my assets and way of life? For homeowners doing renovations like adding a new room, re-doing a bathroom, enclosing a porch, or putting in a swimming pool or hot tub, you also risk being underinsured if the changes aren’t reported to your insurer, according to III. So what kind of policy changes should you make? Home Additions and Remodels If you are adding onto your home and modifying a floor plan, it’s recommended you increase your dwelling coverage to account for the additional square footage. You may also need to increase your dwelling coverage if you remodel a room like a kitchen or bathroom because new project materials add value to the…

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