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Home Improvements and Homeowner’s Insurance

AUGUST 5, 2020

Planning home improvement projects can be an exciting and fun investment. In fact, it has been reported that over the last few months, due to COVID-19, many homeowners have been prioritizing home improvements that they may have been planning to push off for a few years. More often than not, having a discussion with your insurance agent may not be part of your home improvement checklist, but it should be.
 
Many home improvement projects can boost your home’s value, which needs to be reflected in your policy to be sure that you have adequate coverage. Other upgrades may trigger premium savings that you don’t want to miss out on. Below is a list of common home renovations, and how they may impact your homeowner’s insurance. 
 

1. Roof Renovations:  A new roof sometimes seems like a tedious home improvement, and certainly not the most exciting. However, roof renovations may save you a lot of cash when it comes to your insurance premium. It can save you even more if you live in a state known for extreme weather like hurricanes, high winds, or hail.

2. Adding a Home Office:  Especially during this time of COVID-19, many more people are working from home, possibly even adding offices to their homes. While your homeowner’s policy may protect some of the equipment in your home office, it is important to talk with us to make sure you are adequately covered, especially if your work-from-home shift becomes permanent.
 
3. Upgrading your Kitchen and/or Bath:  Sometimes updating your kitchen or bathroom can feel like giving your house a total facelift. However, unless you notify us to update your policy, you could be exposing yourself to major risks and gaps in your coverage. While many times upgrading a kitchen or bathroom will increase your premium (because it increases the value of your home) if your contractor also upgrades any electrical, plumbing, or heating systems you could qualify for a discount on your premium.
 
4. Other common improvements include building a deck or garage, finishing a basement, adding a swimming pool, installing a security system, and building an addition.
 
Overall it is always important to let us know whenever you have made home improvements to protect the full value of your home. It is also a good idea to let us know ahead of time if you are going to be making any renovations to your home in case something goes wrong in the process.
 
Please do not hesitate to give us a call if you have any questions.
We can be reached at 873-5101 or 1-800-244-9046.

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