Whether you have completed small fixer-top projects or complete additions, it is important to report updates to your insurance agent so that your homeowner's insurance is as up to date as possible. This is why.
Some home improvements can save money on your homeowner's insurance …
That's true: there are some home improvement projects that can actually save money on your insurance. For example, you can save up to 5% with certain policies when installing a home security system with proof of purchase. You may also be able to save up to 5% when changing roofs, depending on your operator. On the back, the age of your roof can actually limit or limit the coverage you have. Although the age of your roof is more of a factor when shopping for new insurance policies, a newer roof can provide a better interest rate.
… while other updates require increased coverage.
If you have completed major renovation projects that have increased your home value by 5% to 1
Maybe your family has built a new playroom or expanded your rear deck. If the value of this supplement is more than $ 5,000, it may not be covered if you do not report it. This is because you have added significant square feet to your property and have increased the value of your home, which requires updated coverage for proper protection.
You may also need to update your policy if you have added new outdoor entertainment that increases the risk of personal injury. A new pool or trampoline, for example, are supplements that can increase the risk of damage to your property. You should report these additions to your agent to have ample liability protection in the event of an accident.
Finally, you should report any updates to the number of people (or hairy friends) living with you in your home. Whether your family has welcomed a new baby or sent a child to college, these changes in your household should be communicated to your agent so that he or she can update who is covered by your current policy. This advice also applies to pets: if you have adopted a dog to keep you company during the quarantine, we can recommend additional restrictions for your homeowners or umbrella insurance.