Many homeowners are renovating their homes amidst a pandemic renovation boom in the United States. Three out of four households recently polled by Porch.com indicate that they’ve completed at least one home improvement project since the start of the pandemic.

Some improvements you make to your home could affect your homeowners insurance rates. You could be underinsured if you don’t consider your home insurance when you make renovations or improvements.

Contact Sam Buentello Insurance Agency in Cedar Park, Texas, today to discuss how potential home renovations could affect your homeowners insurance premiums. They can help you get the coverage you need to help protect your home.

Consider Additional Home Insurance Coverage When Renovating

If you plan to renovate your home, it’s important to talk with your agent to see if you’ll need additional home insurance coverage. Your current policy may provide adequate coverage, but in some cases, you may need more coverage while your home is under construction.

Depending on your situation, your agent may recommend the following coverages:

·        Builders risk insurance helps protect materials that you’ve purchased for your home renovation. It may help pay to replace building materials if they are stolen or damaged.

·        Vacant home insurance may be essential if you need to move out of your home while under construction. This policy helps protect your home if it’s damaged while you aren’t living there.

·        Contractors insurance may be important if you hire a third party to renovate your home. This policy helps cover damage to your home caused by contractors. Of course, it’s crucial to ask contractors for a copy of their Certificate of Liability Insurance before you sign a contract.

What Home Improvements Require Additional Homeowners Insurance?

Several common home improvements may trigger a need for more homeowners insurance, including:

·        Building a swimming pool

·        Adding a business or home office to your residential property

·        Expanding your home by creating an addition or finishing an attic or basement

·        Updating or remodeling a kitchen or bathroom

What Home Improvements May Lower Home Insurance Rates?

Renovations that help make your home safer may decrease your home insurance premiums, such as:

·        Replacing the roof

·        Upgrading the plumbing

·        Updating the wiring

·        Adding a security system

Contact Your Agent

Before you start home improvements, get in touch with your insurance agent to better understand how your plans may affect your homeowners insurance coverage and premiums. Contact the agents at Sam Buentello Insurance Agency today to learn more about how having proper insurance can help protect you from the financial consequences of unexpected events.

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.