THE RELATIONSHIP BETWEEN INSURANCE COSTS & RENOVATIONS
If you’ve ever dreamed of turning that dank basement into a vibrant game room or updating your 1970s-style kitchen to a sleek, modern design, you’re not alone.
Renovations can breathe new life into your home, improve your lifestyle, and increase the property’s value.
But have you ever considered how home renovations affect your insurance costs?
Let’s dive in to uncover this often-overlooked aspect of home improvement.
WHY RENOVATIONS CAN AFFECT YOUR INSURANCE
Renovations can significantly alter the value, structure, and safety of your home.
Therefore, your current insurance policy might not offer sufficient coverage post-renovation.
It’s essential to keep your insurance provider in the loop to ensure your coverage adjusts to your home’s evolving needs.
UPGRADES THAT CAN DECREASE INSURANCE COSTS
(YES – SAVE YOU MONEY!)
Not all renovations result in increased insurance premiums.
In fact, certain upgrades can help you save money.
For instance, installing a modern, high-quality security system can decrease your chances of theft and may result in lower premiums.
Similarly, updating your electrical, heating, and plumbing systems can reduce the risk of fire or water damage, potentially leading to insurance savings.
RENOVATIONS THAT CAN INCREASE INSURANCE COSTS
On the flip side, certain renovations might increase your insurance costs.
Adding square footage or upgrading your kitchen or bathrooms can increase your home’s value.
While that’s great news for your property’s worth, it might mean higher premiums since the cost to rebuild or repair your home has gone up.
At the same time, adding features like swimming pools, trampolines, or elaborate landscaping features could increase your liability risk, potentially raising insurance costs.
Pools are good fun – especially in a hot summer day. But before investing in one, know your options and see the full picture with the insurance costs baked in to your estimates of investing in one.
INFORM YOUR INSURANCE PROVIDER ABOUT RENOVATIONS
Whenever you’re planning a renovation, it’s crucial to let your insurance provider know.
If you don’t and something happens, you might not have the coverage you need.
At LLP Insurance, we’re here to work with you through your home’s evolution, ensuring you’re protected every step of the way.
Related: Fire Safety Tips Before The Holidays
THE LLP INSURANCE PROMISE
At LLP Insurance, we believe in forging strong relationships with our clients, guiding you through life’s changes, and adapting our services to meet your needs.
We strive to provide you with the most suitable coverage options, taking into account all aspects of your life, including any exciting home renovations you have planned.
Renovating your home is a significant investment of time, money, and effort.
Make sure you protect that investment adequately with an updated insurance policy. If you’re uncertain about how your renovation will affect your insurance costs or want to understand the best ways to protect your upgraded home, don’t hesitate to reach out to us.
Our dedicated team at LLP Insurance is here to ensure that your dream renovation comes with the peace of mind you deserve.