Renovations are definitely a milestone to get excited over, whether they’re large or small. However, many homeowners who update their homes don’t stop to think about how that may affect their home coverage from Shell Insurance Agency. the truth is, your policy is subject to change as soon as you start renovations. Read on to learn how renovations in your Deer Park, TX home can affect your coverage.
Remodels Might Increase Your Home Insurance Premium
Though renovations are a wonderful thing, they can be very costly. This isn’t just in terms of the cost of new materials and hiring remodeling contractors.
If the value of your home appreciates, the value of your home insurance must come up as well. After all, there is an extra room or a new front porch to cover in your policy. If you add a swimming pool, that can incur extra rate changes to your coverage on its own. In any case, you must make your home insurance coverage provider aware of the renovations at your house.
What If You Don’t Update Your Home Insurance Coverage?
If you don’t rework your home insurance coverage to include your renovations, you may be able to keep your premium costs down for a while. However, you are likely to incur some unpleasant effects from that decision.
Whatever isn’t covered by your home insurance policy cannot be reimbursed for in a claim. For instance, if you submit a claim for an accident that involved your newly renovated back porch, your insurance agency is not required to cover that accident. Even if a friend or loved one gets hurt, if the policy isn’t updated after the renovation, the new porch is not covered.
Raising Home Insurance Coverage During Renovations
Since you’ll have to report your renovations in order to get adequate coverage from Shell Insurance Agency, you may want to consider increased coverage during the renovations.
Unless you’re doing everything alone, you will need to hire contractors and sometimes even family members to help you complete your renovation. During that time, they are all subject to mishaps and real accidents. By increasing your coverage to include more people and increased activity, you ensure that you’re covered in case your contractors or friends need medical attention.
Of course, you should also make sure that your legitimate and licensed contractors are bonded and insured as well. If they don’t carry contractor’s insurance, then you will be stuck with their bill.
Ready To Get Adequate Home Coverage?
If you live in Deer Park, TX and it’s time to remodel your home, we urge you to expand your home insurance coverage. If your home is not yet protected, call Shell Insurance Agency today. Our friendly agents are standing by and eager to help you with your home insurance needs.