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If you’re planning upcoming home renovations, make sure your insurance company is kept in the loop. Improvements affect home policies in several ways, and your coverage must be updated to reflect these changes. This guide is a good starting point for homeowners still in the planning stages of a home improvement project. 

What Steps Should I Take Before Work Starts?

Speak with your agent before work starts so you can make the necessary updates. If you go forward with home improvement and it’s not covered, any subsequent claims may be denied, or worse, it could be canceled if the issue is serious. Your agent can provide directions on how to proceed when it comes to updating your policy.

Your agent can also recommend new policies to protect you while work is being performed. Adding a builder’s risk policy will protect you from any damage that occurs during action.

How Do Renovations Impact Insurance?

insuranceSome renovations will lower your rates, while others will increase it. Here are just a few general improvements and their impact on insurance:

  • Pool Installation – Pools are considered an attractive nuisance, meaning they attract neighborhood kids onto your property uninvited. Accordingly, they cause premiums to increase since they increase risk.
  • Additions – Insurance costs are calculated based on the size of your home. The bigger your home, the higher your rates. 
  • New Roof Installation – A new roof protects your home in several ways. As a result, a roof installation often lowers rates. 
  • Upgrades to Electrical & Plumbing Systems – An upgraded electrical system is less likely to cause fires, so the risk is lowered. In this same respect, a new plumbing system is less likely to experience damaging issues like leaks, which can positively impact your rates. 

 

No two policies are alike, which is why the agents at Grachek Insurance take the right steps to personalize plans for their clients. You can also rest assured of excellent customer service from this locally owned company, whether shopping for a new system or filing a claim. Residents in Flathead Valley, MT, and surrounding areas can call (406) 755-4000 to schedule an appointment. You can also visit them online to get started on your quote. 

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