Although home improvement experts estimate that about a quarter of all remodeling projects increase the value of the house by at least twenty five percent, most of the homeowners still pay the same premiums before remodeling their homes. To avoid invalidating your policy, you should contact your homeowner insurance company before making any renovations. If you have already renovated your property, call them immediately. The following guidelines will help you to know the right strategies to put in place when renovating your already insured property.
Whether you are thinking of putting a swimming pool in your home, making minor renovations to your kitchen, or building a front porch, contact your home insurance company before making the renovations. Calling your home insurance providers will not only help you to stay ahead of the game but also plan accordingly.
When making major renovations, you may need to put some of your furniture and other items in storage. Remember, most insurance policies indicate that the items insured must be in your house. Taking them outside the house for storage may violate the terms and conditions of your policy.
It is very important to match your property coverage limits to the new value of your property rather than the renovation or mortgage costs. Remember, you may have invested a lot of money in the renovation process leading to tearing down of an old structure. However, this may not affect your home’s new value. Insurers have computer software that can easily determine how much additional coverage you may need if any. The most important part is to notify them as soon as you can.
Most homeowners do not contact their homeowner insurance providers because they fear that the company may increase their coverage rates. However, it is very important to be upfront with your insurance providers to avoid inconveniences along the way. For instance, if you build a deck and someone falls on it, and you never reported adding a deck in your home, the insurance company is likely to deny your claim. In addition, since you have violated the terms and conditions, the company may decide to drop you.
Apart from being honest, it is very important to review your homeowner insurance annually to make sure that you’re adequately covered. Always remember that your home is one of the greatest financial investments you have put in place. For this reason, a reliable homeowner insurance will give you a great piece of mind because you know that your investment it safe. If your home is not yet covered, contact Coastal Insurance Solutions to receive up to 10 homeowner insurance quotes today.
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