Whether you put in your dream kitchen or just apply a new coat of paint, home renovations can affect your homeowners insurance. It’s a good idea to let your agent know when you remodel. Here’s why:
1) If you are using a contractor, your agent can advise you on the protection you have against faulty repairs or damage caused during the work.
2) If you have a do-it-yourself project, your homeowners policy may cover accidents and injuries that occur during the work, but not damage to the home caused over time by faulty repairs. Your agent can answer any questions you have about your coverage when you do the work.
3) Substantial renovations could call for a review of your coverage limits. For example, a new deck or swimming pool could add to the value of your house. You’ll want to be sure your policy reflects the new value so you are more fully protected.
4) If you upgrade the safety of your home, for example by adding a security system or upgrading the wiring, you may earn a discount on your current policy.