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6 months ago · by · 0 comments

How a Home Renovation Can Affect Your Home Insurance

Home renovations have become extremely popular over the last handful of years. There are tons of shows on television that follow people as they take on their own home renovations, which illustrate just how amazing the results can be. More and more people are making the decision to renovate their homes, although few people understand all of the steps that are involved. One of the things you should think about if you are considering a renovation is the fact that your home is likely to increase in value after the job is done. The equity of your home is probably going to go up, based on the fact that you have put work into the home that has made it more valuable. In most cases, this is going to make the cost of your home insurance increase. This increase is due to the fact that your home is worth more, which means the insurance company has to charge more. Insurance rates are based on the total value of what they are insuring, so it makes sense that rates should increase when a home is renovated. If you are thinking about renovating, make sure you talk to your insurance company before you make any decisions. Being proactive by contacting your insurance company ahead of time will allow you to understand whether your insurance rates are going to change. If your insurance rates are going to increase, it may ultimately affect the budget you’re working with. You may want to take this into account when it comes to planning your renovations. Before you get started with any work on the home, it is also a great idea to take pictures. These photographs may be needed by your insurance company, so you should save copies for documentation purposes.

When it comes to adjusting your insurance rates, make sure your new policy is based on the current value of your home. Some people report the total costs that were associated with the actual renovation, which is not the correct way to report the upgrade. A large portion of the money you spent on your renovation may have been used to tear things down. You may have had to pay a company to tear down a wall or remove something from your home. These costs should not be reported, based on the fact that they don’t add any value to your home. Instead of reporting the amount of money that was necessary to renovate your home, simply get a new estimate for your home. Your insurance company should receive the current value of your home, as they will use this number to determine whether or not your insurance rates are going to increase.

You should always be straightforward with your insurance company. Some people make renovations to their homes and make the decision to keep the information to themselves. If you don’t let your insurance company know about the renovations you have made, they may drop you if you try to file a claim. You also may not be covered if someone has an accident while on your property, which can wind up being a massive problem with real financial consequences. Lots of people get insurance policies and never mention to check in on them or update them at all. It is generally a good idea to review your home insurance policy at least once a year, simply to make sure everything is up to date and accurate.

Homeowners obtain insurance for their houses because they want to know they are covered if something bad happens. If you make the decision to renovate your home and fail to let your insurance company know about the upgrades, you may be putting yourself in a terrible situation. Tons of people have gone down this road and have been forced to pay expenses out of pocket, so make sure you are honest with your home insurance company if you decide to renovate your home. Renovating truly is an amazing way to add value to a home, as well as increase the satisfaction an individual has with their residence. However, make sure you take the correct steps necessary and update your insurance if you decide to make any upgrades to your home.

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Cincinnati Family and
Business Insurance
910 Loveland Madeira Road,
Loveland, OH 45140

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mike@cincinnatifamilybusinessinsurance.com

513-583-5222

Available 8:00am - 4:00pm