Home Insurance and Renovations: What You Need to Know

May 08, 2024

Planning a renovation can be an exciting time for any homeowner. It's a chance to make your space more comfortable, functional, and reflective of your personal style. However, before you start tearing down walls or installing new fixtures, it's essential to understand how these changes could affect your homeowners insurance. At Schwartz Insurance Group, we're here to help you navigate these considerations.

Inform Your Insurance Company Before Starting Renovations

Before you start any major renovations, it's a good idea to inform your insurance company. Some renovations, such as a new roof or security system, could potentially lower your premium. However, others, like adding a room or upgrading your kitchen, could increase the replacement value of your home, which may require a policy adjustment.

Consider Additional Coverage During Renovations

During a renovation, your home could be exposed to risks not covered by a standard homeowners insurance policy. For instance, if you need to move out while work is being done, you may need additional coverage for any potential damages or theft that occur during this time. If you're doing the renovation yourself, you may want to look into liability coverage for any potential injuries that happen on your property.

Update Your Policy After Renovations

Once your renovations are complete, it's important to update your policy to reflect any changes. If you've increased the value of your home, you'll want to ensure your policy provides enough coverage to rebuild your home and replace your belongings in the event of a total loss.

Understand Liability with Contractors

If you're hiring contractors, make sure they have their own insurance coverage. If a contractor is injured while working on your property, you could be held liable for medical costs if they don't have adequate insurance.

Renovating your home should be a rewarding experience. By understanding how renovations affect your homeowners insurance, you can focus on creating your dream space with peace of mind. At Schwartz Insurance Group, we're here to help answer any questions you have about your coverage. For more information or to get a personalized quote, please call us at (502) 451-1111 or visit our website at https://www.schwartzinsgrp.com/get-a-quote.