Updating the value of your property
“By definition, those alterations will also increase the replacement value of the house. If your policy is out of date and does not reflect the current value of your home, it becomes an issue if something such as a fire or natural disaster causes loss or damage. Then you run the risk that your insurance pay-out will not cover the full cost of rehabilitation or a complete rebuild.
In addition, just as in the case of a property, Rimmer suggests that any alterations or upgrades on a car must be included as part of the insurance cover, to ensure that in the unfortunate event of an accident or complete write-off, the car’s replacement value is accurately recorded in the policy.Update your list of valuables
Rimmer says after any adjustments to an insurance policy, it remains useful to consider whether an existing policy requires an “add-on” clause, such as the cost of a hired vehicle should your insured vehicle need to go for repairs.
Source: Insurance Report (insurancereport.net)
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