Arlington Heights, Ohio
410 Elliott Ave
Cincinnati, OH 45215
(513) 821-6300

A Brief Guide to Renovations & Home Insurance October 23, 2020

Arlington Heights, Arlington Heights
A Brief Guide to Renovations & Home Insurance, Arlington Heights, Ohio

If you want to finish the basement or build a backyard pool, you might already be planning the activities and get-togethers they’ll spur. However, you should also think about how these improvements will affect your home insurance policy. Depending on the type of project, you may see an increase or decrease in your premiums. Below is more information about how this happens, as well as some policy updates to consider.

How Do Renovations Impact Home Insurance?

Most homeowners insurance policies—and the premiums you pay for them—depend on the size of a home and its outbuildings. Therefore, if your renovation increases the usable square footage, such as with a deck or patio, your premiums may rise. Even if the renovation didn’t extend from the existing property, it may still increase the replacement value of your home, which is how much the insurer must pay during a claim. For example, you’ll raise the value of your home by finishing the basement and turning it into a home theater. 

home insuranceAnother consideration to make is if you must vacate your home for more than 60 days while completing the renovation. When you do this, your homeowners insurance policy may no longer be valid, as a vacant home is more prone to vandalism and theft. If you add a pool, trampoline, or other attractive nuisances to your property, you may need to add riders that increase your liability protection in case of an injury.

How Can You Update a Policy?

Once you finish the renovations, you should talk to your home insurance agent. They’ll want to know the scope of the project, how much it cost you, and whether or not you used a licensed contractor. Then, they can update your policy to reflect the new replacement value of your home.

They can also determine if the remodel made your home more or less of a liability. Some renovations—such as a roof replacement or the addition of a security system—might lower your home insurance premiums. If necessary, your agent can also add riders to your policy to cover attractive nuisances, like a pool. 


Whether you’re still in the planning stages or wrapping up construction, turn to Stautberg Financial Group to review your home insurance coverage. This independent insurance agency is based in Cincinnati, OH, and they cater to both home and business owners. Since 1975, they’ve been helping clients obtain coverage to protect their investments. To learn more about their home insurance offerings, visit the website. Call (513) 821-6300 to schedule a consultation.

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