Have you ever purchased expensive after-market items for your car - such as: rims; tires; custom paint; lifting; lowering kits; engine modifications; custom stereo set ups?
Did you notify your agent?
If you did not, then likely these items are not being covered in case of loss. The insurance company believes they are insuring the same vehicle the day you added it to the insurance policy. If you make changes that increase the value, you must let them know and adjust your policy/premium accordingly. That is, if you want them to cover these items in the event of a loss.
THE SAME GOES TRUE FOR YOUR HOME
If you add on to your home but do not notify the carrier, you are underinsured.
I know of one case where a homeowner added about 30 percent in new construction to his home. He never notified the agent or the carrier. The home was subsequently lost in a fire. The insurance company was not insuring the same home. They denied the added space and only paid out on the part of the home that was insured from the outset.
So be careful when making changes. Call your agent!!
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