A rise in your home’s value is cause for celebration, but it should also give you pause. Odds are you might need to upgrade your homeowners insurance to cover your now more expensive home. “Lots of people fall into the trap of getting their mortgage and home insurance and then it’s out of sight, out of mind,” says Chris Schafer, the Minneapolis-based senior editor for home insurance at Insurify, an insurance marketplace.

If a similar home in your neighborhood sells for more than you expected or you receive a tax assessment with a big boost in property value, it’s a good time to check in with your insurance agent to avoid getting burned by a big out-of-pocket cost in an emergency.

We spoke with experts on how to make sure you have enough coverage — and what to do if you don’t. Here’s what they had to say:

Why and when to check your coverage

“We’ve all seen a run-up in home values in recent years, along with inflation that has increased the cost of materials and labor,” says Jon Godfread, the insurance commissioner for the North Dakota Insurance Department and president of