Some remodeling projects are meant to retain the value of your home, while others seek to improve it. Regardless, make sure to talk to your home insurance agent about the work to make sure that these extras are covered from damages ranging from fire to vandalism. The guide below explains some updates that might be of particular note to your provider.
What House Work Affects Your Insurance Premiums?
1. Adding to Square Footage
Home insurance rates use the size of your home to determine costs. Therefore, expanding the usable living space will usually cause your rates to increase. Don’t wait to report the changes as it may lead to claim denials in the future. In the process, you can also list valuable possessions on your policy—including wedding rings or paintings—so they, too, can be reimbursed if there is a disaster.
2. Building a Swimming Pool
Swimming pools are what’s known as an attractive nuisance—since they can lure innocents into dangerous situations. For example, a neighborhood kid might try to check it out, only to slip on the lip. As a result, homeowners are encouraged to increase liability limits when adding a pool in the event they’re subject to a lawsuit. Installing a fence and locking gate around the pool is also recommended, as doing so diminishes your risk.
3. Replacing Your Roof
Roof repairs not only enhance the integrity of your home, but they may also lower your insurance rate. This is because a new roof is less likely to suffer weather-related damage that your home insurance policy would have to pay for.
Whether you’re looking for a new home insurance policy or have questions about an existing one, turn to Jerry Don Smithey at Texas Brand Insurance. Based in Hubbard, TX, his team prides themselves on providing personalized assistance to customers, as well as offering insurance products from many trusted carriers at affordable rates. Along with home coverage, they can also help you secure auto, motorcycle, and even health insurance. See the difference over three decades of service can make by calling (254) 576-1180. You can also learn more about their home policies by visiting the website.