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Home Insurance & Home Improvements

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homeowner reviewing their home insurance policy

Home insurance is based on the value of your home and other factors. When you make major home improvements, renovations or remodeling such as; an addition, adding a bathroom, finishing a basement, adding a garage or changing the siding on your home you need to consider what impact if any those home improvements may have on your homeowners insurance.

Most home insurance policies designate the number of rooms, type of siding, method of heating, fuses or circuit breakers on your electrical service and other specific to your property factors. Based on those factors the insurance company determined the premiums that you are required to pay in order to protect you, your family, your guests and your property.

Any changes to those factors may change the calculation of the premium. No one wants to pay more for home insurance, yet you pay for insurance in order to protect you and your family from a disaster. It makes little sense to pay insurance premiums, only to discover when a disaster occurs, that because of a major home improvement, your insurance is no longer valid or does not cover the home improvement.

Reviewing your home insurance on a regular basis, every year or so, is a smart move. In some cases a major home improvement such as a new electrical service or heating system may actually reduce your premiums!