Updating your home or installing luxury features makes the environment more comfortable, inviting, and provides hours of fun and relaxation. Those changes can also have a significant impact on your homeowner’s insurance. You may discover that you need additional coverage.
Expanding your living area increases home values and the cost of replacement. Those that represent the most expensive in terms of insurance are garages and second story bedrooms. Any improvement, addition, or expansion will affect your insurance costs.
Balconies, Decks, Porches
All three improvements provide increased risk of a fall or other type of accident. The cost increases significantly if any of those projects is attached to the second floor of a dwelling.
A bare basement can be finished and/or transitioned into a game room, extra bedroom, or man cave. All those options will increase replacement value, particularly if it floods. Most policies don’t cover damage from floods and you’ll need to check with your agent to identify any preventative measures you can take.
A home’s kitchen is often a focal point and while updating it increases home values and makes the area more desirable, new flooring, appliances, and high-end countertops will require an increase in insurance coverage. Conversely, updating plumbing or wiring as part of the project may reduce the potential for fire or water damage and net you a discount.
Before redoing your roof, check with your agent. Some types of roofing materials qualify for discounts. Alternately, when it’s time to reroof your house, it will increase the value of the home, which may require additional coverage.
One of the most popular renovations by far, a swimming pool comes with an extensive range of safety requirements such as security fencing and gates. A pool provides an environment in which a myriad of potential injuries can occur from drowning to slip-and-fall accidents. A word of warning – avoid diving boards if you don’t want to see insurance costs skyrocket.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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