Life. It brings about many different changes. Where your home insurance coverage is concerned, there are certain changes you need to share with your home insurer to make sure you are protected with the right coverage and you are paying the right price.

Are you unsure which changes your insurer needs to be informed about? Take a look at this list of ten changes to maintain sufficient coverage of your home.

1. Getting a new roof. Damage to your roof can lead to leaky ceilings, dangerous mould, and even structural damage to other areas of your home.
2. Planning for a major renovation. Large and structural changes to your home could impact your premium or compromise your coverage.
3. Taking an extended vacation. If you’re going to be away for longer than a couple of weeks, your insurance company will likely have specific rules that outline measures you’ll need to take when you’re gone.
4. Renting out your home or part of your home. Depending on the situation, you may be required to modify your existing home insurance policy or purchase a dedicated landlord insurance policy to make sure you’re fully protected.
5. Getting married or having a partner move in. Your insurer may require you to name your partner or spouse on your home insurance policy. Depending on your insurer, there are a few other factors that might come into play if you aren’t married to your partner when they move in.
6. Starting a home-based business. Depending on the type of business you plan to launch, you might be able to add a home-based business endorsement to your home insurance policy— but in some cases, you may need a dedicated commercial insurance policy.
7. Making a big purchase or receiving a valuable gift. Most home insurance policies list special limits or exclusions for big-ticket items like jewelry, bicycles, fur items, fine art, and collectibles.
8. Getting a pool or hot tub. This renovation to your yard increases the risk that someone may get injured while on your property. Your insurance company may require you to add a specific endorsement to your policy stating that you’ll be covered for incidents related to the pool.
9. Installing a new heating system. Certain types of heating systems (like wood stoves and pellet stoves, for example) may come with a higher risk of fire or other issues, which could affect the cost of your insurance or even your eligibility for coverage. Other types could lower your risk and lead to a reduction in your premium.
10. Paying off your mortgage. Adding your mortgage lender as a loss payee on your home insurance policy is necessary when you have a mortgage. If you no longer have a mortgage on your property, your insurer needs to remove your old mortgage lender from your policy.

Each insurance company has its own unique requirements when it comes to disclosing changes. If you are unsure whether or not something needs to be reported, contact your OTC Insurance broker to find out.