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How Remodeling Can Impact Your Home Insurance



Remodeling your home can be an exciting venture. Whether adding a new room, upgrading your kitchen, or simply refreshing the paint and fixtures, a renovation can breathe new life into your living space. However, as you embark on this journey, it’s crucial to understand the implications remodeling can have on your home insurance. Seasoned home remodeler DreamMaker Bath & Kitchen of Huntsville discusses how renovations can affect your home insurance.

The Impact of Renovations on Insurance Coverage

Renovations can increase your home’s value. Your home insurance policy must be updated to cover the new value of your property. Not adjusting your coverage could mean you’re underinsured, which may lead to out-of-pocket expenses in the event of damage. Conversely, some improvements might qualify you for discounts or lower insurance rates, highlighting the importance of communicating any changes to your insurer.

Increased Coverage for Renovated Properties

Interior remodeling projects, such as kitchen upgrades, bathroom remodels, or swimming pools, can increase the replacement cost of your home. A higher replacement cost may necessitate increased coverage from your insurance policy. Realizing the full value and ensuring adequate protection for your upgraded space requires timely updates to your insurance coverage.

Enhancing Safety and Possibly Lowering Premiums

Upgrades focused on enhancing safety and reducing risk, such as installing a new roof, updating your electrical system, or adding a home security system, could make you eligible for discounts on your insurance premiums. These improvements contribute to a safer living environment and demonstrate to insurance providers that your home presents a lower risk, leading to more favorable insurance terms.

Communication With Your Insurance Provider Is Key

Before beginning any major renovation project, it’s advisable to consult your insurance agent. Discussing your remodeling plans in advance can provide insights into potential insurance adjustments needed to maintain adequate coverage. Moreover, some renovations, like adding a pool or an office space for a home business, might require specialized adjustments to your policy due to increased liability or value.

Navigating Insurance During Home Improvements

Talk to a contractor near me as some renovations might extend over a considerable period or necessitate vacating the property temporarily. It’s important to explore options like builder’s risk insurance or vacant home insurance. These special policies can offer protection during construction, covering potential risks not included in a standard homeowners insurance policy.

Let’s Start a Conversation!

DreamMaker Bath & Kitchen of Huntsville will work closely with you throughout your project, ensuring you’re informed every step of the way. To get started on building your dream space, give us a call at (256) 670-1834 or fill out our contact form. We serve clients in Triana, Meridianville, Moores Mill, Redstone Arsenal, Harvest and surrounding areas.

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