Renovating Your Home? Here's How It Can Influence Your Insurance Policy

Home renovations can breathe fresh life into a space, potentially increasing its value and enhancing its functionality. But while you're busy choosing tiles or picking paint shades, there's one aspect you might be overlooking: how these changes can impact your home insurance. Let’s explore the ways your policy can be influenced by home improvements.

1. Increasing Property Value:
When you add a room, update the kitchen, or complete any substantial renovation, the value of your home typically rises. With a higher property value, you'll want to ensure your insurance coverage reflects this to avoid being underinsured.

2. Change in Premiums:
Upgrades like a modern security system or a new roof might reduce your premiums, as they can lower risk factors. Conversely, additions like swimming pools can increase premiums due to associated risks.

3. Liability Concerns:
Adding features such as decks, pools, or trampolines introduces new potential hazards for visitors. Ensure you have sufficient liability coverage to protect yourself in case of accidents.

4. Construction Risks:
The renovation process itself can be risky. Injuries on-site or damages caused during construction may need additional short-term insurance coverage.

5. Reporting to Your Insurer:
It's vital to communicate with your insurance provider before starting renovations. Some policies may require advance notice of significant changes to ensure you remain covered during the process.

6. Qualifying for Discounts:
Some improvements, like storm shutters or upgraded electrical systems, can make your home safer and might qualify you for insurance discounts. It's worth checking with your provider about potential savings.

Conclusion:
While renovations can be exciting, they also come with responsibilities. Keeping your insurance provider in the loop and understanding how these changes affect your policy ensures you remain adequately protected.

Embarking on a home renovation journey? Ensure your home stays protected. Reach out to Varde Insurance Group in Edmond, Oklahoma, at (405) 757-1237 or drop an email to service@vardeinsurance.com. Let's ensure your coverage evolves with your home.