If you haven’t reviewed your homeowner’s insurance policy since you bought your home, you may have forgotten what coverage it provides. This can hurt you in a number of ways. Most obviously, it may mean that you don’t have the level of coverage you home needs in the current economy. Additionally, it may mean you have coverage to help offset costs that you might otherwise assume are your own responsibility to pay.

One reason it’s a good idea to read through your policy on a yearly basis is to ensure you still have enough coverage. Just the increases in the cost of living may dictate a need to raise your coverage a little. If you’ve added a new structure to your property or built onto an existing one, that need to update your coverage becomes even more imperative. Failing to amend your policy to cover these additions can cost you if something does happen.

Additionally, you should take the time to familiarize yourself with other coverages your policy does offer. For instance, homeowners insurance Lodi CA typically offers liability coverage. This will be helpful in the event someone is injured on your property. The liability coverage may cover all or some of their medical care expenses and may provide you with money to hire a lawyer in the event of litigation.

If something happens to your home and you must vacate the property until it can be repaired, you’ll end up spending money on temporary lodging, meals, and other necessities. Your policy may also offer coverage for these costs. Knowing that temporary living expenses may be covered can help you save money through this difficult experience.

These are just a few ways your homeowner’s insurance policy can help you in a time of need. As you review your policy each year, look at each type of coverage and determine if you should increase the amounts for which you’re covered. This can help you survive an emergency in the event your home is destroyed by a fire or other natural disaster.