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One of the benefits of being a homeowner is the freedom to make changes to the design and appearance of your living space. Although renovating is rewarding, upgrades can sometimes carry risks. Fortunately, an up-to-date insurance policy can help protect you against these risks during restoration projects and after they’re complete. To ensure adequate coverage, here’s what you should know about updating your homeowners insurance during renovations.

Why Update My Policy Before Renovating?

Experts always encourage calls with insurance providers before starting renovations to verify coverage types and levels. Although some minor projects—painting the bathroom or removing pocket doors—may not require changes to an existing policy, others may involve risks that your current plan won’t cover.

For example, if expensive construction materials are lost or stolen during the job, you may have to pay to replace them out-of-pocket. You could also be held liable for injuries that occur as a result of a renovation. To protect yourself from these financial risks, your insurance agent may advise purchase of short-term “builder's risk” coverage or a “course of construction” policy.

Who Should Perform Home Improvements?

homeowners insuranceSmall jobs—such as installing new lighting fixtures or relining cabinets—can usually be performed safely by homeowners. It’s often best, however, to leave major home improvements—such as laying new flooring and installing new electrical circuits—to licensed contractors.

Even if you’re adept at do-it-yourself projects, a variety of factors may put your safety—and the safety of your property—at risk. Licensed contractors have the skills and tools necessary to perform home improvement jobs with precision and efficiency. They should also possess additional insurance to reduce your liability if they cause on-the-job damage.

Will My Premiums Change After Project Completion?

Your homeowners insurance policy may or may not change after renovations are made. You may need additional coverage to protect a room addition, a new garage, or swimming pool addition. Other improvements that increase your property value may also bump up your premiums to gain full coverage.

Conversely, some renovations can help lower your premiums. For example, updating old electrical wiring and roof replacements are both projects that reduce risks and may reduce your rates.

 

Whether you’re planning renovations or moving into a new home, Patton Insurance Group in Springboro has the solutions you need. Serving communities across southwestern Ohio, this local insurance company is recognized for providing personalized service at affordable rates. As an independent agency, they work with all the leading carriers. They’ll compare options and find the best homeowners insurance for your unique needs and budget. To learn more about their policies and coverages, including business and auto insurance, visit them online. For a free quote, reach a friendly professional at (937) 886-9966.

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