When it comes to home improvement, you probably look for ways to increase the day-to-day functionality or aesthetic beauty of your property. However, these changes can also affect your homeowners insurance coverage, and consequently, the monthly rates you pay to keep your policy. If you’re interested in learning which home improvements will raise or lower your rates, take advantage of the information below.

Projects That Can Raise Your Insurance Rates

Your insurer provides coverage on a case by case basis, taking into account the specific dimensions and characteristics of each residential property. Therefore, if you significantly add to your home’s square footage, you’ll probably have to pay more to protect it. 

Also, if you add to the value of the assets inside your home, such as buying a state-of-the-art entertainment system or a diamond necklace, your rates may rise. This is simply because your insurer will be responsible for offering more compensation if your home is damaged or your belongings are stolen.

Home improvements that increase the risk of accidents, such as swimming pools or trampolines, are considered greater liabilities. This means your insurer will take precautions against potential injuries by charging more per month. 

Projects That Can Lower Your Insurance Rates

To save the most per month on your homeowners insurance policy, you’ll want to make your house safer overall. By reducing the risk of incidents like injury or burglary, your insurer will see you as less of a liability, and lower your rates.

For example, adding a fence around your yard will make it harder for intruders to get in, and less likely for children or pets to sneak out. While a short picket fence might not do much for your rates, a high privacy fence with an electronic gate would have the best chance of lowering your payments.

By replacing your roof, you’ll reduce the risk of structural issues like collapse, as well as leaks and mold growth. Since rebuilding and remediation costs can be significant, a new roof may put your insurer at ease and minimize the price of your coverage. To protect against vandalism, theft, and burglary, a security system with alarms, cameras, and motion sensors is also attractive to insurance providers.

If you’re looking for a homeowners insurance policy that will fit your budget, make an appointment with one of our agents at Farmers Insurance Group. Steven Hall works with clients nationwide and is proud to be part of a company with nearly a century of experience. Whether you need to protect your business or leave behind funds for your family, you can count on our guidance to lead you to the right coverage. To learn more about our offerings or request a free quote, visit the website. You can also call Steven Hall at (417) 926-7900 to make an appointment.