Your homeowners or renters insurance coverage is designed to cover your personal possessions if you face a covered loss up to your policy limits. Hence, it’s important to periodically update a list of all your belongings.

Was it a fruitful Christmas? Did you receive or purchase expensive items such as jewelry or art? Or maybe you bought that big-screen TV during the Black Friday sale.

Theft or fire could leave you paying out of pocket to replace these expensive items. This is an opportune time to reassess all of your personal belongings and update your home inventory to make sure your policy coverage limits meet your needs. Your agent can help you determine if you need additional coverage for certain high-valued items.

Have you performed home improvements since the inception of your homeowners policy? Any renovation would impact the value of your home. A hot tub, swimming pool or trampoline — all fun additions to your home – also brings additional liability that your policy should cover in case of injury. Check with your agent to ensure you are adequately covered.

Another coverage option is umbrella insurance. This is an extra layer of protection for your home, auto, and other primary liability coverage. Like a financial safety net, umbrella coverage helps protect you in the event of a substantial lawsuit or getting into a serious car accident that goes above and beyond your policy limit.

Cleaning up and maintaining your home is not only an annual New Year’s tradition; it also keeps your property safe from potential accidents and injuries, along with the related liability issues. For example, clean up the clutter in your garage, especially items like old newspapers and paper documents that can ignite during a fire. Also, make sure that chemicals are stored properly and out of reach of young children. Toys in the yard, driveway and sidewalks should be stored away properly when not in use to avoid people tripping over them.

Regular maintenance and small repairs of your property can prevent major home repairs from occurring later on. Do a thorough inspection with a certified building inspector to look for hidden structural problems that may need fixing right away.