Are you planning any home renovations in the future? If so, you may need to update your homeowners insurance. Changes to your home can also change your insurance, and if you don’t take the right steps to update a policy, you could be left without sufficient coverage. 

Different Renovations Impact Insurance in Various Ways

How your insurance is ultimately affected by home improvement projects typically depends on what you’re having done. That’s why it’s recommended that you contact your insurance agent before work is scheduled to begin. That way, you can rest assured that your coverage will still be applicable, even after renovations are complete. 

While it’s true some projects increase insurance costs, others may reduce your rates. For example, the following home improvement projects impact your insurance rates in a multitude of ways:

• Installing a Swiming Pool – Swimming pools are what’s known as an attractive nuisance. While they add value to a home, they may also increase insurance rates since they’re considered high risk. 
• Installing a New Roof – A new roof may decrease your insurance rates. For instance, a new roof prevents other areas of your home from sustaining water damage, which makes the property more secure. 
• Adding a Room – Insurance premiums are calculated using the square footage of the home, along with other considerations. When you add a room, you increase the square footage, so your policy may become more expensive. 

What You Can Do

Along with contacting your insurance agent, you should also talk with your contractor about their company’s insurance coverage. This includes liability and workers compensation, which prevents you from being held accountable should any injuries occur on your property.

Also, keep an accurate record of the work being performed. Keep contractor agreements, receipts for materials, and any other documents that pertain to home improvement. You can also take before and after pictures of your home, so you have a visual record of what occurred. 

A dependable agency will guide you through the process of updating your homeowners insurance when necessary. Mitchell Insurance Agency LLC has been serving clients in Texas County, MO, for more than seven decades. Whether you’re making a claim, changing your coverage, or shopping for a new policy, they pride themselves for the  customer service they provide. Schedule a consultation today by calling (417) 967-2140 or visit the website to learn more about your coverage options.