If you have been in your house for more than a few years, this may be the time to reevaluate your homeowner’s insurance policy.  Improvemnts such as adding a deck or screened porch, finishing an attic or basement, etc. add value to your house that should be reflected int the amount of your insurance.  If you have lived in your house for more than five years, the value may have increased to the point where your original “replacement cost” insurance amount is no longer sufficient.  Also, adding a security system or even deadbolt locks reduces your premium, so you’ll want to notify your agent is you have made those improvements. 

When purchasing or refiniancing a home with a mortgage, your mortgage company will require that you maintain insurance on your proeprty, their collateral.  When a home is purchased with cash or the mortgage paid off, you yourself need to remember to maintain adequate insurance.  Protecting your home is one place you don’t want to skimp!