A neighbor of mine recently added about 600+ square feet onto their home. It was a massive construction job that took about three months to complete. Plus, they gutted the inside and completely upgraded nearly the entire place.
My neighbor insures their home elsewhere, but I asked if they had notified their current insurance agent.
They had not and were not aware of the need. Big mistake.
They also were not aware that because the insurance company is insuring a smaller home all these current upgrades and the new addition is not necessarily covered.
Another agent relayed this story to me. A homeowner in the East Valley added about 1,000 square feet to his already sprawling home. He did not inform his agent or company until the home was destroyed in a fire. I do not know the final outcome, but the insurance company was initially unwilling to pay for the new addition, since they were never notified and were not charging a premium for it.
The moral of the story?
Talk to your agent, at least annually. Tell him/her immediately of any changes occurring in your life that you feel may affect your insurance. This includes major changes, such as additons to your home, or could include smaller details, such as buying or inheriting valuables like jewelry.
I receive calls virtually every week from clients notifying me of changes in their lives. I appreciate that they do that. It helps us both sleep better at night.
arizona auto insurance
Phoenix Life Insurance / Arizona Life Insurance
