Home Renovations to Improve Insurance Costs

31Mar

Home Renovations to Improve Insurance Costs

On: March 31, 2017 In: family safety, Homeowner's Insurance, Liability

Are you a homeowner who is looking to make improvements to your home and thinking about investing in some exciting renovation projects? Renovations can make your home look and feel better. When thinking about home renovations, it’s a good idea to also consider the effects it may have on your homeowner insurance costs. Some renovations may result in an insurance increase, while others will result in a decrease in premium costs. We can help you get a better understanding on how your insurance rates may change when making changes to your home.

You may be thinking about making improvements to better your home and increase your home’s value. While home renovations can increase your home value, if you don’t make changes to your home insurance policy, you may not have enough coverage. We suggest speaking with your agent before making any big changes. We can offer you a quote so that you can see how your own costs may change as you invest in various projects.

Insurance Costs May Rise

homeowners insurance Some changes will require you to pay more for coverage, as you’re adding square footage to your home and property and creating more liability. Home improvements such as hot tubs and pools can also raise your insurance rates. This makes it more likely for damage to occur and you also risk having individuals get hurt while on your property. Adding an extra room or more space on to your home may also raise rates, as it means more materials and more replacement needs if a claim is made.

There Are Ways to Save

If you’re looking to make positive changes and save on insurance costs, consider improving your roofing. An old roof with worn materials means you will be more at risk for home damage. Improving your roof means it’s less likely to cause damage, plus you can actually lower your overall risk and bring the cost of insurance down. What other kinds of improvements can help you save on insurance costs? Plumbing and electrical updates can help you save because you’ll be making your home a lot less susceptible to claims.

Southern Oak is here to make buying home insurance less stressful. If you want to make home improvements, contact us to get a quote and learn more about all of your home insurance options.

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