Remodeling my home: Does it affect my home insurance policy?

Home renovations are fun to do as they involve a variety of activities like designing a new floor, painting different colors, and picking fixtures. So, how does this affect your homeowner’s insurance? In truth, some renovations can provide you with insurance savings and discounts, while others may raise your rates.

The Budde Agency Inc. recommends speaking to your insurance provider before remodeling your home. This will help you prepare for any changes in costs and coverages. 

Renovating rooms 

Renovating contemporary rooms in Amityville, NY may boost your home insurance as you will be adding value to the contents. For instance, putting hardwood floors or granite countertops is considered a high-quality investment for your property.

Adding an office

If your renovation includes adding a home office, you may need to adjust both your home and business insurance. This will also be determined by specifics such as if the office will be your primary business space and whether you will have people coming to your home or not.

Construction insurance

Renovation may sometimes require additional coverage, particularly during the construction period. Construction involves the risk of injuries and theft on your property. It is also essential that you hire a contractor who is insured as well. 

Constructing a pool

Adding a pool means adding a severe risk to your home. These luxurious additions like trampolines and pools will primarily affect your insurance premium by raising it.

Creating more room 

Creating space to accommodate more family members may require you to include a humid attic, dank basement, or other suitable additions. Your insurer will need to alter your coverage to account for the value of the new space.

Are you thinking of remodeling your home this season? Contact The Budde Agency Inc., located in Amityville, NY, and we will help you with any questions you may have.