Share:

Home improvements let you put a unique stamp on your living space, but they can also increase or lower the risk of an accident. Some projects can lower your home insurance rates, while others might drive your premiums up. The following are a few popular renovations and upgrades that could affect your coverage costs.

3 Home Improvements That Affect Your Insurance Rates

1. Extensive Renovations

Significant improvements like kitchen remodels, bathroom renovations, or finishing basements can significantly raise property values. If your home insurance policy is based on the value of your home before the renovations, you may not have enough to rebuild in the event of a total loss. Any time you make significant improvements to your property, review your policy with an insurance agent to ensure you have the coverage you need.

2. Installing a Smart Home System

home insuranceSome improvements reduce your risk of filing a claim, potentially earning a reduction in your insurance rates. Smart home systems use advanced technology to monitor for fire, intruders, and other threats to prevent losses. Depending on the product you choose, a smart home system could shave hundreds of dollars off your insurance bill every year.

3. Adding a Pool

Having a swimming pool can provide hours of fun and a relaxing way to cool off in the summer, but it can also cause your home insurance rates to go up. If someone is injured on your property, the liability coverage included with your insurance policy may pay for their medical expenses and other damages. Having a pool increases the chance that someone could get hurt, so insurers usually charge more to cover additional risks.

 

For over a century, Texas County Mutual Insurance in Licking, MO, has helped homeowners protect their most valuable property. As a mutual insurance company, they’re fully owned by their policyholders, so you can be certain they’ll always put your needs first. Visit their website to learn more about their affordable home insurance services, or call (573) 674-3125 to request a quote.

tracking