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Home > Blog > Before You Remodel Your Home, Check Your Insurance Policy
MONDAY, NOVEMBER 20, 2023

Before You Remodel Your Home, Check Your Insurance Policy

Are you interested in boosting the value of your home with a bathroom remodeling project? Are you tired of your outdated basement and looking to finally transform it into a game room for the whole family? Home renovations can impact your home insurance policy and premium. Why is it important to check your insurance policy before you start renovation or remodeling projects?

Why Should You Check Your Insurance Policy When Remodeling? 

Any renovation that impacts the material value of your home can impact how much insurance coverage you need and how much your insurance premium is. Home insurance is so important for homeowners because provides you with financial protection in the event of a fire or other accident that damages the house itself. Home insurance also offers liability protection if someone is hurt on your property. Your policy will help you return your home to the condition that it was in before your accident, so having an accurate policy is crucial.

What Are Some Examples of How Remodeling Can Impact Your Home Insurance? 

HVAC Systems

HVAC systems are a major investment in your home, and adding new ductwork or undertaking big HVAC projects can increase the value of the property. Additionally, if you are altering the type of HVAC system in your home, like changing from oil to gas, your dwelling coverage should be updated.

Renovating the Basement or Attic

Some basement and attic renovation projects involve extending pipes and electrical systems, and others might include the installation of new insulation and temperature control systems. Your dwelling coverage may need to be adjusted to reflect the new living space and the value of your finished attic or basement.

Swimming Pools or Hot Tubs

Swimming pools carry an increased risk of an accident happening on your property. As a result, it’s recommended that you increase your insurance liability limit. Your insurance agent can help you alter your liability limit accordingly to protect yourself.

Space for a Home Business

The transition to remote work led many people to set up home offices and home-based businesses. If your renovations are going to include adding machinery, expensive technology, and other big-ticket items for your business needs, you should always talk to your home insurance provider first. Depending on your specific needs, you may need to add to your home insurance policy or add a special business policy.

Adding an Extension

When you’re modifying your floor plan to add more square footage through an extension or addition, you’ll need to increase your home insurance policy. By speaking with your insurance agent before you start renovations, you’ll be able to alter your policy so that you have sufficient coverage throughout the expansion process.

Can Anything Decrease Your Home Insurance Rates?

Absolutely! There are numerous changes you can make to your property that can decrease your home insurance premiums without leaving you exposed to more risk. For example, upgrading your plumbing or wiring in an old home to be up to today’s building code standards may get you a discount on your premiums due to a lower risk of a fire or damage. A new roof normally provides a significant discount on your Long Island homeowners insurance.  Also, adding a home security system can also lower your rates, so always talk to your insurance agent.

Don’t Forget to Check the Contractor’s Insurance Too

Your home insurance will not offer liability coverage for the company that is renovating your property, so it’s always important to confirm that the contractor has an active insurance policy, including general liability insurance. Accidents can happen during the remodeling process, even if your contractor is experienced. To ensure that the work is high quality and that you will be able to avoid a lawsuit in the event of an accident, you should request a copy of their insurance policies. Any reputable contractor will not hesitate to provide you with this information. 
Posted 1:55 PM

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