What can trigger a review of household insurance coverage?

A review of household insurance coverage is primarily triggered by significant changes in property value or personal circumstances. This is because the amount of coverage needed can fluctuate based on changes in the market value of the property or alterations in the homeowner's life situation, such as marriage, divorce, or the addition of new family members.

When a property's value increases, whether due to home improvements or changes in the real estate market, the insured amount may no longer be sufficient to cover potential losses fully, necessitating an adjustment in coverage. Similarly, personal circumstances can affect the risk assessment of the policyholder. For example, if a homeowner takes in a boarder or starts running a home-based business, these factors introduce new risks that may require a reassessment of the insurance needs.

While changes in personal income or updates in household décor might seem relevant, they do not directly impact the policy's need for coverage adjustment. Neighborhood safety ratings could influence the risk but are secondary to the primary factors of property value and personal circumstances. As such, focusing on significant changes in either realm is essential for ensuring adequate insurance coverage.