when to tell your agent about home renovations

Time to Tell Your Agent About Home Renovations

In case you're arranging a home remodel, you might need to call your insurance agent first since this choice can affect your homeowner's policy. Some home remodels will change the amount of insurance coverage you need, while others could even assist you with meeting all requirements for a reduction in cost. Here are some situations in which you should give your insurance agent a call when doing renovations.

Adding an addition-

Whether you need more space due to a growing family, or simply want to make improvements by adding square footage, this is a big reason to call your agent. Adding square footage to your home will certainly increase the cost to replace it, which means you need to take a look at your coverage amount. 

Adding a pool, deck, or trampoline-

While these outdoor items increase the fun at your home, it can also increase risk. Your homeowner’s insurance agent can walk you through the possible scenarios these things can create and help you determine if you have enough liability coverage. Some insurance companies will also exclude coverage for a pool or trampoline, so you want to find out before an incident occurs and it is too late. For a deck, there could be certain railing requirements.

Kitchen renovation-

The kitchen is one of the areas that can greatly increase the value of your home and in turn, the replacement cost. Upgrading flooring, cabinets, appliances, and even paint can all add up. If you also upgrade plumbing or electric during the process, you should ask your agent if you qualify for any discounts, as some insurance companies will offer this for these types of important upgrades.

Finishing the basement-

A playroom for the kids, craft room for mom, or man cave can add to the value of your home. Finishing the basement also can increase your need for flood insurance depending on where you live. 

Roof replacement-

Again, doing this renovation will increase the value of your home, but it could also earn you a discount depending on the insurance company.

It is a smart idea to contact your insurance agent when you're thinking about making home remodels. Their insight and experience can assist you with taking advantage of any cost reductions while ensuring your house is satisfactorily insured.  If you are contemplating any of the above renovations, call Rumbaugh Insurance today.