Your roof must be replaced. The kids have asked for a pool and you have finally succumbed to their incessant requests. You have decided to rebuild your outdated bathroom and kitchen. Any changes in the structure or use of the property change, more often than not, your policy. However, you never know until you contact your insurance company, which you should do before any type of housing renovation.
Some housing renovations may reduce insurance premiums
Residential renovations do not necessarily mean that your insurance rates will increase. Roof damage constitutes the majority of homeowners' claims; Old roofs and roofing materials have a higher risk of claims than those being updated, so getting a new roof can help lower your insurance costs. Adding security features such as security systems, gas detectors, smoke alarms and fences around a backyard or pool can provide discounts and reduce the cost of your premium, as security gives you security. This applies to updating or replacing your HVAC system, electricity and plumbing, as these types of upgrades provide lower risks for risks.
Make sure your insurance protects you during construction
While some upgrades provide security discounts, other improvements may require more or different insurance and may lead to higher insurance premiums such as more living space, kitchen or bathroom upgrades, and pool installation. Adding a supplement to your home equals more square feet and more value to your home. Insurance companies look at how much it would cost to rebuild your home if a devastating event were to occur. Your new premium would reflect the extra square reception. The most important reason why you want to contact us before the supplement is made is to be covered if something should happen in the middle of the construction.
From the insurer's point of view, one of the most expensive additions to your home is a pool because you should not only assure the structure but also get liability insurance to prevent legal action against you if someone is injured. Pools and trampolines are called "attractive disturbances" and require security measures and can affect your homeowner's insurance premium.
Check with your insurance that your insurance matches your renovation plans
Regardless of the size of your home improvement, it is best to be sincere and honest about what changes are made so your policy can reflect and cover your home accordingly. You want adequate coverage while taking advantage of all possible discounts. Start the conversation with your agent. Home improvement is exciting and insurance doesn't have to dampen that excitement!
For home insurance matters, call or contact Keller-Brown Insurance Services today.