Thinking of doing some home renovations? If you’re thinking about doing something big, it’s a good idea to give your insurance agent a call. Depending on the renovation, you may need more homeowners coverage, or you could even get a discount. Here are a few home renovations that could affect your insurance.

  1. Putting in a Pool

Looking forward to lounging in the pool sipping on your favorite beverage? While a pool can add a lot of fun to your home, it also comes with increased risk. Contact your insurance agent to discuss the increase in risk and any changes to the property’s value. With people swimming and being around the pool, there’s an increase for any accident. You will want to ensure you have the appropriate coverage should someone get injured. Additionally, you will want to take steps to ensure safety, such as adding a fence with a locked gate to your property and installing motion-sensored lights to deter trespassers.

  1. Upgrading Your Kitchen

Renovating the kitchen can significantly increase the value of your home, especially if you upgrade to high-quality countertops, appliances, and flooring. Because of the increased value of your home, you should contact your agent to see if you need to increase your coverage. If you are having a professional upgrade the plumbing or electrical, let your agent know to see if your eligible for a discount or if your coverage needs to be adjusted. These fixes can reduce the risk of water damage or fire, so check to see if the insurance company offers discounts for these upgrades. 

  1. Finishing the Basement

Finishing the basement is another way to add value to your home, so again, check with your agent to see if your coverage needs to be increased. Also know that flooding may be a concern for the basement. Most homeowners insurance policies don’t cover damage caused by flooding. If you live in an area where flooding is a large concern, talk with your agent about flood insurance or think about taking steps to prevent future damage like installing a sump pump.

  1. Building an Addition

When you expand on your home, you will likely increase its replacement value. This is the cost to repair or rebuild your home. Your insurance agent can recalculate your home value to determine whether you’ll need more coverage because of the addition or improvement.

  1. Redoing Your Roof

If you’re replacing your roof, check with your insurance agent to see if you qualify for a discount. Some companies offer discounts when you make improvements like reinforcing the roof or using more durable materials that are wind, hail, and leak resistant. At the same time, redoing the roof could increase your property value, which means you might need more coverage.

When considering making renovations to your home, it is a good idea to contact your agent. Their knowledge and expertise can help you get the most out of any discounts while also making sure your home is adequately insured. Need homeowners insurance or looking for a better rate? Contact us today for a free quote.