Home Improvements You've Made May Lower Your Premium
Summer is usually the time most homeowners do renovations to their home. You draw up your plans, shop for the professional that is going to do the work, talk to your bank for financing, but who have you left out? Your insurance agent!
Anything that changes the structures on your property or their use can change what you need for insurance. Many home improvements that increase the value of your home could render your home insurance coverage inadequate and leave you vulnerable to out-of-pocket losses. Other upgrades may trigger premiums savings that you miss out on because you didn't call your insurance agent. Here are five improvements or upgrades that can have important effects on your insurance:
1. New Roof
A new roof is a project that is a have-to-do when you would rather add something more exciting (like a pool!). But it can save you a lot of money on your homeowner's insurance policy by cutting your premiums 10 to 20 percent.
2. New Pool
This is a wonderful addition to your home, but it also increases the potential risk for someone getting hurt on your property and even more so if you have a diving board, slide, or hot tub included. A fence & locking gate are typically required around the pool area, but you will also want to make sure your personal liability limits are high enough and add the pool's value you to your homeowner insurance.
3. Home Office
A home office is a growing trend and depending on what your business is, you may need extra coverage for operating equipment and liability protection.
4. Additional Living Space
Closing in a garage or adding an extra room can increase the value of your home significantly. You will want to make sure your policy has enough coverage to replace this extra space if you suffer a catastrophe. .
5. New Kitchen
Everyone wants a chef's dream kitchen these days, but unless you give your home insurance a makeover too, the renovation may be at risk. Granite countertops, custom cabinets and top-of-the-line appliances can run upwards of $50,000. If a disaster hits, will the coverage you have now been enough to replace that investment?
Call us today so we can make sure your home improvements are covered and possibly lower your premium for certain upgrades.