While you are planning a home improvement project or renovation on your home, it is important to take a look at your current homeowners policy as it may need to be updated.
Your best course of action is to keep your insurance company informed of any changes. A simple call to your agent may be all that is needed.
Some improvements that you are planning may require additional coverage while the work is being done. Others may even offer safety or other types of discounts that you don’t want to miss out on.
Your insurance policy covers your home at the time that the policy was written so even after the work is completed, your premiums may increase due to things such as:
- Additional square footage added to the home
- Cost of replacement for newer flooring such as ceramic or hardwood floors.
- Addition of new risk factors such as a new swimming pool
On the other hand, your premiums may decrease with your renovation:
- Security system
- Updating electric system
- Updating plumbing
- Replacement of your HVAC system
If you are currently planning to do some home improvements or renovations, please give us a call if you have any questions: 651-739-9684