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Renovating your home is a fantastic way to increase its value and enhance your enjoyment of the place. The following improvement projects can also have an impact on your home insurance rates, and in some cases, may even increase costs. It’s crucial that you inform your insurance companies when making any changes to your home so you can rest assured that you’re sufficiently covered. 

Kitchen Upgrades

If your kitchen cabinets and countertops have seen better days, you may be thinking about making some improvements. Your current insurance coverage limits must be considered in this case, as more expensive materials may not be fully covered when it comes time to make a claim. The more value you add to your home, the more expensive your premium is likely to be. However, paying these additional costs ensures that replacements and repairs will be properly funded by your insurance company if damage occurs. 

Installing a Swimming Pool

Home InsuranceWhile swimming pools can add value to a home, they’re also considered a risk by insurers. Accordingly, you must increase your home insurance liability limits if you plan to install a pool to cover any accidents or injuries that result. You might even consider purchasing an umbrella policy, which fills in the gaps in liability coverage. Personal injury lawsuits can incur huge costs, and if your insurance falls, short you’ll be obligated to pay out-of-pocket.

Adding Another Room

Your existing insurance rate was calculated by the square footage of your home, so it stands to reason that increasing the square footage will also increase your premiums. Your insurance coverage may be voided if you don’t update the policy, or your current limits might prove insufficient to cover any damage that occurs. 

 

A reliable home insurance company not only offers affordable policies, but they also make sure their customers receive quality service. Whether you’re shopping for a new policy or have questions about existing coverage, the Lighthouse Agency is happy to help. Because these agents are independent, they offer insurance products and services from multiple carriers. Along with home coverage, they also provide coverage for vehicles, health insurance, life insurance, and umbrella policies. Residents of Fairfield, OH, can visit the website to request a quote or call (513) 860-9100 for more information. 

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