There are a lot of factors to consider when remodeling your home. What's your budget? Have you taken all the necessary measurements? Do you have a room layout drawn up? One question you might not consider is whether the remodel will be compatible with your current homeowners insurance. Daniel Oliver - Farmers Insurance Agent is an advocate for Minneapolis homeowners, and he will explain why this question is so important.

No matter what type of renovation you're imagining, whether it's building a deck or redoing your kitchen, you need to keep your homeowners insurance coverage in mind. Before you take out your toolbox and get to work, you should first contact your insurance agent. Once you fill them in on your plans, they'll be able to tell you what's covered and if you need to update your policy.

If you're hiring contractors, they should have their own insurance, but if you're doing the project yourself, there are certain factors your homeowners insurance may or may not cover. An accidental fire, for example, might fall under your coverage, but any damaged caused by construction defects probably won't be covered.

Large-scale remodels should always be run by your insurance agent. Updates that significantly increase your home's value could affect your insurance rates, and conversely you want to be completely covered in case something goes wrong.

There are also improvements you could make that would lower your insurance rates. If you update your plumbing or heating system to make it more efficient, that's a credit in your favor. Installing an advanced alarm system could make you eligible for a nice discount on your insurance premium. Following the Institute for Business & Home Safety guidelines for home fortification, such as trimming the trees so they're a safe distance away from the house, may also qualify you for a discount on your homeowners insurance.

Daniel Oliver - Farmers Insurance Agent is happy to offer his expertise about homeowners insurance and how remodeling impacts your insurance rates. Visit him online for free insurance quotes, or call (952) 925-4454 today for a one-on-one chat.