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Whether you’re picturing a tropical oasis in the backyard or a spacious kitchen with professional appliances, remodeling allows you to turn your house into a dream home. However, it’s easy to get caught up in the excitement and overlook the project’s effect on your home insurance policy. If you intend to be proactive, use the following list of considerations when remodeling.

3 Home Insurance Factors to Remember When Renovating

1. Larger Home, Larger Premium

Many families dream about upgrading to larger homes, complete with spacious bathrooms, extra bedrooms, and sprawling, open-plan living spaces. While your remodeling project may have gotten you closer to this goal, it’s important to think about how the expansion will affect your monthly bill.

Since your premium and deductible are calculated based on both the size and value of your home, you’ll need to spend more each month to protect your property.

2. Always Update

home insuranceBecause of the potential price increase, you might wonder if it’s better to avoid updating your homeowners insurance altogether. However, avoidance won’t do you any favors if disaster strikes.

If your home is insured for less than its market value, your provider may not cover the rebuild costs after a fire. If someone gets injured in that new pool or guest bathroom, your liability policy may not help with their medical bills and your legal fees.

3. Some Remodels Will Save You Money

Luckily, not all remodeling projects mean more of an insurance burden. In fact, some alterations may actually decrease your premiums. For the most part, these are the upgrades that make your home safer—such as a new roof, a pool fence, electrical rewiring, and security systems.

If you’re trying to save money, ask your insurer what discounts they might provide for these home improvements, so you can counter the renovations that raise the monthly bill.

 

If you’re hoping to secure a reliable home insurance policy, turn to Seeman Holtz Property & Casualty of Boca Raton, FL. From hurricanes to pool-related accidents, they’ll make sure your plan covers as many risks as possible. Part of the Seeman Holtz family, the agency also helps clients find insurance for their vehicles, from motorcycles to yachts. To learn more about their offerings, visit the website or call (844) 255-6639 to get a quote today.

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