Increasing Coverage After a Remodel

Increasing insurance coverage is something that needs to be done in a number of different instances. If you have just completed a remodel or a renovation of any sort then it is a good idea to update your policy to reflect these changes. You may actually find that you are offered a lower premium in some instances or that you need additonal coverage to make up for the higher resale value of your property. Whatever the case, have a review of your current policy and decide what is in your best interest.

Additional Coverage for Renovations

Any renovation project is going to set you back, often into the thousands. However, remodeling your home is an investment in your future and whatever you spend you will most likely get back when you do decide to sell your house. Furthermore, you can enjoy the added benefits of a more comfortable and modern house in the meantime.

There are several common remodeling projects that will require additional coverage from your homeowners insurance. Any type of upgrade to your house, such as new carpeting, a new bathroom, new kitchen cabinetry or a new window replacement will need to be added to your homeowners insurance. This is because the value of your home is going to increase and you may wish to insure specific items for a little more than what is currently on your coverage.

Outdoor remodels also need to be added to your homeowners insurance such as a swimming pool, shed or garage addition or even a new driveway. All of these things are going to increase the value of your home. Furthermore, additional structures that are added to your property, such as a pool or a shed, will require additional coverage which is generally not included on the basic homeowner policy. You may need to invest in extra coverage where before you probably didn't need this at all.

Premium Spikes and Drops

Fortunately, adding on $30,000 of coverage to your homeowners insurance is not going to dramatically impact your rate. The only time you can expect higher premiums is when you are making your home more likely to have an accident. Adding a second story, a balcony or a swimming pool may come with higher risks of an accident but many home remodel projects are actually going to reduce your risks, not make them higher.

There are even some instances that when you make the phone call to add coverage to your policy that you will actually be offered a better rate. Any remodel that increases the security of your home and reduces the risk of damage can result in a lower premium. This includes things like replacement windows, siding for your home and a new roof among many other things.

When you have done a remodel it is a good idea to give your current provider a call and ask them what can be done. If your current provider is not interested in offering you a better deal, you can always look around and make the switch to a different company. It is easy to do this by simply comparing quotes online.

Increasing coverage after a remodel is a wise thing to do. In fact, even if you have not remodeled your home, it is still a good idea to review your policy at least once a year and check to make sure you are happy with everything. You may even wish to add more coverage as you acquire more contents or have more children - all of these little things can make a big difference when it comes to your homeowner insurance policy.

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