Can A Renovation Affect My Home Insurance?

Can A  Renovation Affect My Home Insurance?

Fri, Jan 22, 2021 5:30 PM

Home Insurance

It is important to repair your roof. The wife and kids were begging for a tub, and you eventually bowed to their ceaseless pleas. You've agreed to remodel your outdated kitchen and bathroom. Any alteration to the layout or use of the property will change your policy more often than not. You will never know, however, until you contact your home insurance agent, which you should do before any kind of home

 

Some homes renovations can reduce insurance premiums

Home upgrades do not inherently mean that they will raise the insurance premiums. The majority of homeowner claims are roof damage; old roofs and roofing equipment have a higher risk of claims than those replaced, so having a new roof will help reduce your insurance costs. Adding safety features such as home security devices, C02 detectors, smoke alarms, and fences around a backyard or pool will provide discounts and reduce your insurance costs in that safety provides you with security. As these types of improvements have a lower risk of risk, this goes for upgrading or replacing your HVAC system, electricity, and plumbing.

 

Can A Home Renovation Affect My Insurance?

 

 

Also Read; Signs it’s Time to Renovate your Home

 

Make sure you're covered during construction by your insurance

Although some improvements provide safety discounts, other improvements can require additional or different insurance which may result in higher insurance rates, such as more living space, kitchen or bathroom upgrades, and pool installation. Adding an extension to your house equals your home with more square footage and more value. Insurance agencies look at how much it would cost to restore the house if there were to be a catastrophic incident.

The added square footage will reflect your new premium. Before the addition is made, the most important reason you'll want to contact us is to be covered in the event of anything mid-construction occurring.

From the point of view of an insurer, a pool is one of the most expensive improvements to your home since you can not only cover the system but also seek liability insurance to avoid court action brought against you if anyone gets hurt. Pools and trampolines are referred to as "attractive nuisances" and require safety precautions that can influence the insurance premium for your homeowner.

 

Check with us to ensure that your insurance suits your expectations for renovation

It's best to be upfront and truthful about what changes are being made, regardless of the size of your home improvements, so your policy will reflect and protect your home accordingly. When taking advantage of all the potential deals, you'll want to have enough coverage. Begin your conversation with your agent. Home improvement is exciting and the enthusiasm should not have to be dampened by insurance!

 

For any concerns about home insurance.

(833) 444-6032

 

 

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