When you are busy making renovations and improving your home, one of the last things you may think about is your homeowner’s insurance policy. However, we strongly encourage you to sit down with your insurance carrier and discuss any changes you make that increase your home’s value, as these changes could render your insurance coverage inadequate and leave you vulnerable to losses.
Make sure your policy is up to date
Congratulations! You made some significant improvements to your house. While planning home renovations can be fun, they can also increase the value of your home. This has major implications when it comes to your homeowner’s insurance coverage. If disaster strikes in the aftermath of making major renovations, you could be vulnerable to substantial losses. There may also be some modifications you have made to your home that could lower your insurance premiums, so you do not want to miss out on those either.
What kind of Renovations can affect your homeowner’s insurance policy?
- New roof. Putting a new roof on your home can save money when it comes to your policy by slashing the premiums, especially if a new roof employs special loss-mitigation measures such as hurricane straps, waterproofing, or enhanced shingles.
- More living space. If you have added additional living space to your home, this will increase the square footage and possibly require you to make a change with the insurance carrier to properly value the new space. If a disaster occurs and you have not added this new addition to your policy, you may not receive full coverage for your losses.
- Kitchen and bath upgrades. People often enhance their kitchens and bathrooms, and these enhancements can cost plenty of money. They can also change the value of your home. If you spend $40,000 on kitchen enhancements, you want to be sure that these enhancements will be covered if a disaster strike.
We are ready to help with your claim
If you have any questions about home renovations or enhancements and how they will affect your homeowner’s insurance policy, contact Insurance Claim HQ. If you ever have trouble obtaining your rightful compensation after a disaster, you can contact our New Orleans bad faith insurance attorney for a free consultation of your case so we can discuss your next steps forward today.