Did you know renovating your home can impact your coverage needs? Several factors influence homeowners insurance, and the condition of the property—and its various add-ons—is one of them. Before making any changes to your property, here’s what you should know about common upgrades and how they could affect your policy. 

Renovations That Can Lower Rates

Upgrades that reduce the chances of a claim can lead to lower premiums, but only if you notify your insurer. For example, you may be entitled to a discount if you replace the roof, install a security system, or redo the plumbing or wiring throughout the property. Before reducing rates, though, your carrier will require proof of any such upgrades, so save all relevant records, invoices, and receipts. 

Renovations That Can Raise Rates 

Many upgrades can increase your coverage needs and, in doing so, raise your premiums. If you install a pool or jungle gym, for example, you may need additional liability coverage. Having such features on your property only increases the risk of injury on the premises. 

Projects like renovating the kitchen, redoing the bathrooms, or building an addition, on the other hand, will call for more property damage coverage. If you remodel any portion of your home, chances are your current policy limits won’t be enough to replace the updated structure should disaster strike. Any upgrade that increases the total value of your home calls for more coverage. 

If you’re planning on renovating your property, turn to Chanler Agency, Inc. Insurance to determine your updated homeowners insurance coverage needs. With offices in Geneseo and Livonia, NY, this family-owned and -operated agency has been in business since 1973. Their seasoned team is committed to helping clients secure policies that provide everything they need and nothing they don’t. To request a quote, reach out on their website or call (585) 243-5520.