In the midst of a home renovation, the last thing on your mind might be discussing these renovations with your insurance agent. In reality, it should be one of the first things you do before beginning the renovation process. Renovations can affect the value of your home and liability issues. Here are five common home renovations that can affect your homeowners’ policy:
- New Roof
A new roof can cut your premiums by 10-20 percent.
- New Pool
You may have the coolest house on the street but you also have the riskiest house. Installing a pool increases your homes exposure to loss. This will increase your personal liability protection and depending on your insurer, you may have to install a fence.
- Home Office for Business
Need more space for your personal business? Most policies will cover home-base business equipment but only up to $2,500. Depending on what type of in-home business you have, it is best to discuss with your agent to determine if you need to increase your policy.
- More Living Space
Need more space for a growing family? Your insurance will need to be altered to include the additional square footage.
- Kitchen and Bath Upgrades
For these renovations, you typically upgrade materials that are worth more, which will increase your premium.
Home renovations can be exciting and fun but it is important to contact your insurance agent to understand how these updates can affect your homeowner’s policy. You will want to make sure you have the adequate coverage in the event that your home suffers from a loss. To learn more about how renovations can affect your insurance policy, contact a trusted AssuredPartners NL agent at (844) 507-2528.
Source: BankrateShare This: