One of the biggest benefits of owning your own home is making changes to it as you wish. There are many people who renovate their homes to make them what they envisioned for the space when they purchased the house. After these renovations are completed, many homeowners don’t realize that they might need to make changes to their homeowners insurance policy. Signet Insurance Group is here to talk about what insurance policy changes you should consider as a homeowner who has renovated their home.
Upgrades & Renovations Necessitate More Insurance Coverage
Your homeowner’s insurance policy is in place to provide you with coverage in the case that you experience a loss with your home. If there is a disaster that leaves you with part or all of your home destroyed, you want to make sure you are covered and can rebuild or replace your house . When you initially got your insurance policy, it was probably based off the coverage you would have needed before renovations happened. When you renovate your home, your home is all of a sudden worth much more than it was before. You want to make sure your insurance company is providing you with more coverage to cover any losses you might experience with your newly renovated house for the amount it would cost to replace it with another renovated space. The limits might simply be too low on your old policy for that kind of coverage.
Home Upgrades & Renovations Can Affect the Cost of Your Insurance Premiums
When it comes to upgrades and renovations, talking to your insurer about it doesn’t always lead to an increase in the premiums that you pay. There are some upgrades that will help to lower your premiums. If you have made upgrades like a new roof on your house, you will more than likely find that your insurer will give you a discount for that upgrade. If you have made security upgrades to your house, it’s another upgrade that can end up saving you money. This is the case because the upgrades will reduce the risk of losses occurring to your house.
Avoid Being Afraid to Report Renovations to Your Insurer
There are some cases where your renovations will result in a slightly higher premium that you need to pay your insurer. This shouldn’t deter you from contacting your insurer about the renovations though. It would be devastating to not have the coverage that you need in the case of a loss to your property. Failing to notify your insurer of the changes you have made to your house can end up being a huge financial mistake. When you are renovating your house, it is something you should do right away.
Home, Business, Life & Auto Insurance Agency in Henderson, North LV, Reno, Spring Valley, Enterprise, Sunrise Manor, Paradise & Las Vegas, NV
If you need to find better homeowner’s insurance for your house, you can turn to Signet Insurance Group to help you find the best coverage at the best price. Call us today!
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