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Home Insurance

5 Most Common Life Events That May Require a New Home Insurance Policy

Many people think that once they buy a home and purchase homeowner’s insurance their job is done. That’s not the case at all. Similar to life-changing occurrences affecting your medical coverage, there are also common-occurring life events that may require a review of, or an update to, your existing policy. Here are 5 of the most common life events that may require a new home insurance policy.

Purchasing a new home

It may seem obvious, but when you purchase a new home it’s a good idea to review your existing policy and determine what coverages your new property will require. Keep in mind, mortgage lenders may stipulate that you carry certain protection based on the amount of your loan. Whether the new home is going to be used as your primary residence or as an investment property will determine the specific requirements for an insurance policy. 

If you decide to rent out a portion of your home, such as a basement apartment or a guest house, you should research what protections you may need to add to your existing property and if you need separate insurance coverage for the rental area. This also applies to remodeling by adding an attached room to the home’s main structure, adding a detached garage or shed. Homeowners should always check to see they have adequate coverage for all changes.

Purchasing high-value items

If you finally got the diamond wedding set you always wanted, or you purchased other expensive jewelry, artwork, instruments, etc., it’s time to review your existing homeowners policy and to make sure they are properly covered in the event of a loss.

Marriage and divorce

When two folks marry it’s not unusual that they merge their assets and liabilities, which can affect their home insurance policy. Newlyweds should review their homeowner’s policy to ensure that it provides enough coverage for their newly-combined assets. Contrarily, when a couple divorces, assets and liabilities are typically divided between them. It’s equally important that the homeowners review their home insurance policy and determine there is ample coverage for their independent assets and liabilities.

Adding children to the family

Yes, welcoming home a new little bundle of joy can affect your homeowner’s policy. Specifically, liability coverage may need to be increased, as the risk of accidents involving children at the home will no doubt increase. There will also be additional items of significant value brought into the home that will require sufficient coverage.


Many retirees will typically have less income, and some carriers extend discounts to seniors on the homeowner’s policy. Retirees are home more often, which reduces the risk of burglary or vandalism to the home. On the flip-side, many retirees travel more frequently at this stage of life, which can increase the risk of unattended damage or loss to their home. It’s important for retirees to review their home insurance policy to ensure that it provides sufficient coverage for their home as their unique needs.

At Nsure we offer homeowners a user-friendly way to compare homeowner’s insurance policies from over 50 of the top insurers in the U.S. Make sure with Nsure.

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