A home remodel can be a big and exciting project to take on. Chances are you have spent years saving, planning, and dreaming of the updates you hope to make to your home. Did you consider your home insurance in your planning process?
Of course, as private insurance agents at Link Hellmuth Insurance, we have to give you your reminder to assess your homeowner’s insurance near Springfield, Ohio when making any major changes to your home. Why? Let’s take a look.
Overall we want to be sure you and your property are adequately protected during the renovation process and beyond.
While there isn’t such a thing as renovation insurance, it could be important to touch base with your insurance agent before starting any major construction. Based on the size and scope of the projects there could be a few adjustments that need to be made to your home insurance policy. This may include:
- Update your coverage limit- if your renovation will include an addition or upgraded appliances you may need to increase your coverage limits as you are adding square feet or significant value to your home.
- Update Medical expenses coverage limit- Is your renovation a DIY project with help from family members or friends who don’t live in your home? Then you may want to talk to your agent about increasing the limit of the medical expenses part of your policy. This portion of your policy covers medical bills for injuries that happen on your property to people other than you and your family.
- Update Your personal property coverage- whether your belongings get broken or go missing, the truth is they are at risk during a construction process. Be sure you have adequate personal property coverage before starting to protect valuables, furniture, appliances, electronics, and more.
Renovation projects that can impact home insurance
There are many home improvement projects, renovations, or upgrades you can do to your home that could alter your home insurance policy moving forward. Some of these projects may raise your insurance rates as you are adding risk while others may decrease insurance rates as you take the risk away. Some of these items include:
- Installing a swimming pool.
- Getting a new roof.
- Altering or replacing your HVAC system.
- Updating your kitchen.
- Redoing bathrooms.
- Adding a porch or deck.
- Replacing windows.
Homeowner’s Insurance in Springfield Ohio
This isn’t a complete list of renovations or upgrades that could affect your homeowner’s insurance policy so it is important to check with your insurance agent before starting any major projects. Link Hellmuth Insurance is here to support homeowners in completing their home renovation dreams with full coverage at a great cost.