Home improvement projects can increase your home’s comfort, functionality, and value, but they can also affect your insurance coverage. Whether you’re remodeling a kitchen, adding a new room, or installing a swimming pool, it’s important to make sure your homeowners’ insurance keeps up with your investment.
Check out our guide below for proactive steps to take to protect your home.
Questions? Reach out to one of our knowledgeable insurance agents. We’re eager to set you up with the right coverage and rate!
We spoke with Chris Walton, Agency Manager, about why homeowners should review their insurance coverage before and after making major improvements to their home.
Q: Do I need to update my insurance policy if I’m making improvements to my home?
Chris Walton: Yes. Major home improvements can increase the value and replacement cost of your home, so it’s important to let your insurance agent know about any significant upgrades. If your policy isn’t updated, you could find yourself underinsured if your home needs to be repaired or rebuilt after a covered loss.
Keeping your policy current helps ensure your coverage reflects the true value of your home.
Q: What types of home improvements should homeowners report?
Chris Walton: Some of the most common projects that should prompt a policy review include:
- Kitchen or bathroom remodels
- Room additions or home expansions
- Finishing a basement or attic
- Building a deck or detached structure
- Installing a swimming pool, hot tub, or outdoor kitchen
- Upgrading roofing, electrical, plumbing, or HVAC systems
- Adding solar panels or other major energy-efficient improvements
Not every project will require changes to your policy, but it’s always a good idea to check with your insurance agent before or after completing major renovations.
Q: Can some improvements lower my insurance costs?
Chris Walton: In some cases, yes. Certain upgrades, such as installing a new roof, updating electrical or plumbing systems, or adding protective features like storm shutters or security systems, may qualify for insurance discounts depending on your carrier and location.
That’s another reason it’s beneficial to keep your insurance company informed about improvements you’ve made.
Q: When should homeowners contact their insurance agent?
Chris Walton: Ideally, homeowners should reach out before starting a major renovation. We can help determine whether your current coverage is sufficient during construction and whether any updates should be made once the project is complete.
It’s much easier to adjust your policy before there’s a claim than to discover afterward that your coverage wasn’t enough.
Your home is one of your largest investments, and every improvement you make helps protect and enhance its value. Keeping your homeowner’s insurance up to date ensures your coverage grows along with your home.
If you’re planning a renovation or recently completed a home improvement project, our team at Cornerstone Insurance Agency can review your policy and help make sure you have the protection you need.
This article is for informational purposes only. You should not act based on this information without first consulting with your insurance agent; if you would like a quote from a Cornerstone Insurance Agency licensed agent, contact us. We disclaim all liability for actions taken or not taken by you based on the contents of this article which is provided “as is.” Cornerstone makes no representation that this content is error-free.