Home Renovations and Your Insurance

Home renovations can increase the value of your home. When you undertake a home renovation, you’ll research, create plans and a budget, and consult with experts in the industry. But, often people forget to contact us to update their policies, which can add up to serious risk. While some changes may not affect your homeowners policy dramatically, here are a few that you’ll want to be sure to let your insurance company know about.

Addition to Your Home

If you’re planning on expanding your space to accommodate a growing family or maybe you just want a little more square footage, there are important insurance considerations.

• Are you increasing the square footage of your home?
• Is your addition a finished basement that could require additional flood endorsements?
• Is your addition part of the home structure? Or is the addition a mother in-law suite or workshop that is not connected to the home?
• Are you adding large, finished decking?

Pool

Building a pool for your home increases the value of your home for potential buyers, but also poses a liability risk. If you’re adding a pool to your property, you’ll want to consider increasing your liability insurance or adding an umbrella policy to provide additional coverage. There are also additional safety features that your insurance company may require like a locking gate around the pool.

Home Office

Working from home is the new normal for many people. You might want a dedicated home office space. If you have valuable work equipment, you may also need additional protections. Another consideration is whether people visit your home office. If so, you may want to consider additional liability protections for your business.

New Roof

While many home additions may present a greater cost with regard to your insurance policy, replacing your roof may actually save you money. Replacing items like your roof or HVAC system means your structure is better protected, and may result in a decreased premium.

If you’re considering an update to your home and want a better understanding of the impacts to your insurance policy, give us a call.