If you have a mortgage, having homeowner's insurance will be required by your mortgage lender. That said, you cannot simply buy a policy and forget about it. There are things that can change your homeowner's insurance coverage if you are not careful.

New Additions and Renovations

Are you going to add an addition onto your home or perform an extensive home renovation project? It is best to look into how these changes will impact your homeowner's insurance premiums.

There are renovations that can both positively and negatively change your insurance premiums. For instance, adding a brand new roof can actually save you 10-20% on your insurance premiums. This is a cost that can potentially help pay for that roof, but it won't matter if your insurance provider is not made aware of the change.

Meanwhile, if you are adding an addition or completely renovating your kitchen, it will cause your insurance premiums to go up. That is because your home just became more expensive to cover the replacement cost on, which was not factored into your previous premium. Not notifying your insurance company may cause the premium to stay the same, but the money may not be there to cover fixing your kitchen if you had a fire and need to have everything replaced.

New Pets

Believe it or not, but the pets you have in your home can actually change how much you pay in insurance premiums. There are breeds of dogs that insurance providers consider risky, because by nature they have a mean temperament. They are more likely to cause a personal injury by biting somebody on your property, which means the insurance company will need to pay up due to your liability coverage. This includes Pit Bulls and Rottweilers.

Considering not telling your insurance provider? That could come back to bite you as well. If you have a high-risk dog and do not inform your insurance provider, you could end up being liable for an injury that they cause. When in doubt, contact your insurance provider and ask them about the ramifications of getting a dog that is considered a high risk. You could even be prevented from renewing the policy because of your dog, and then need to go searching for another homeowner's insurance provider.

Plan on making a change that you think could also change your insurance?  Check out http://esiinsurance.com/ and contact your local insurance agent to ask them some questions.