No matter the reasoning behind it, a renovation is a big project that may impact your home insurance policy. Although your policy won’t pay for the remodeling itself, the value of your home may change. Having your home and personal property ensured for one amount when it’s really worth a different, potentially much more significant amount can leave you paying the difference out of pocket should any damage occur. Additionally, insurance providers can issue a non-renewal or cancel your policy if they learn of a major renovation project you failed to report.
When it comes to remodeling your home, it’s vital that you understand how your current policy will be affected and your options for changing it. So before you start tearing down walls and adding a pool, be sure to have a conversation with your Dallas, TX insurance agent.
How Renovations Can Impact Your Insurance
Each major renovation you make has the power to impact your insurance premiums, sometimes in multiple ways. A pool, for instance, can both raise the value of your home and the liability risk. Depending on the carrier, you may be required to add additional things, such as fencing around the pool or a safety cover for the water.
On the other hand, improvements to your existing plumbing, wiring, appliances, or even your roof can lower your premium since your risk of damage caused by water or fire is lower. Home security systems and sprinklers provide the same effect.
Let Alloy Insurance Partners Help You Protect Your Investment
When you need to change or update your homeowner’s insurance policy, Alloy Insurance Partners can help. Our team of agents will work to ensure that you get the coverage you need with a personalized policy. To get started, call us today at 800-527-2209.