Covering your home with the proper amount and type of homeowner's insurance can help you keep your family safe in the event of an emergency situation. This level of protection will ensure that you and your loved ones will be able to replace your home and possessions quickly, should a fire or another type of insured loss occur.

But part of maintaining good insurance coverage on your home and its contents involves updating the coverage amounts on a regular basis. If you have not discussed updating your coverage with your homeowner's insurance agent or broker recently, here are three reasons to do it now. 

The value of your home has likely risen

One of the most important reasons to regularly review and update your homeowner's insurance coverage is that the value of your home has likely risen. Homes that are well-maintained and regularly updated will usually appreciate in value in many areas of the country.

In addition, construction costs and the price of building materials will have also risen. If your homeowner's insurance coverage is based on the actual cash value, it may not be be enough to rebuild your current home after a loss has occurred. Homeowners who have actual cash value policies should speak with their agent about the benefits of switching to one that is designed to cover the actual cost of rebuilding the home. 

You may qualify for premium discounts 

Another good reason to regularly update your home insurance policy is that you may find that you qualify for discounts on your premiums or other benefits. Homeowners that have made important updates, such as adding a new roof or HVAC system, or those that have taken steps to secure their home, such as adding a home security system or installing hurricane shutters, may find that their insurance company will lower their premiums to reward their efforts. 

When discussing this type of changes, homeowners should also ask their agent or broker about any discounts they may qualify for by having more than one type of insurance coverage with their insurer. 

Coverage upgrades may be necessary

If the contents of the home or personal possessions have been upgraded, such as acquiring valuables or using the home as a home business location, you may need to update your current policy to ensure proper coverage. 

Taking the time to meet with a reputable homeowner's insurance agent or broker on an annual basis is the best way to make sure your family has the best possible coverage and protection from loss.