Home renovations and improvements can significantly impact your home insurance. Whether you’re upgrading appliances or adding a new sunroom, it’s important to understand how those changes affect your insurance coverage and premiums.
Watch for Changes to Your Premiums 
When you increase the value of your home by renovating it, your premiums may rise to reflect the higher cost of rebuilding or repairing your home after a covered event. Furthermore, if you don’t update your policy appropriately, you could be underinsured and left to pay for costly repairs out of pocket.
On the flip side, upgrading your home, such as installing a new roof or electrical systems, can reduce your risk of damage. Insurers often offer discounts for upgrades that enhance your home’s safety or energy efficiency. It’s worth checking with your insurance broker to determine what discounts or perks may be available for certain upgrades.
Update Your Policy
Some changes may impact what kind of coverage you need. For example, adding a pool introduces new risks, so you may need additional liability coverage. Some insurers require safety measures, such as fencing around pools, to maintain your coverage. It’s important to consult your insurer about any significant changes you plan to make to your home.
Notify Your Insurer
It’s a good idea to let your insurer know what renovations you plan on making to your home, even if they seem minor. Your broker can help you identify changes to your coverage needs and keep you informed of any discounts available. Furthermore, some improvements may require inspections or new appraisals. Failing to notify your insurer about property changes can result in underinsurance and potentially denied claims.
Contact Us
It’s essential to make sure your homeowners insurance policy reflects the value of your home. As you upgrade and make changes to your living space, make sure you have adequate coverage in case of unexpected events and losses. Contact Metro Insurance Agencies, LLC in Oklahoma City, OK to discuss a policy that fits your needs and budget
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.