Many house improvements that boost your home’s value could render your home insurance coverage inadequate and leave you vulnerable to losses. Other upgrades may trigger lower premiums — savings you don’t want to miss simply because you didn’t call your insurer.
NEW ROOF This improvement may SAVE you 10-20% on your rates. It is possibly the biggest factor in affecting your insurance premium.
NEW POOL The cool stuff will cost you more. The insurer may require a fence around the pool with a lock. If the pool has a diving board or slide, it will be considered an even greater potential hazard.
OFFICE FOR HOME BUSINESS If your business doesn’t bring visitors to your home and requires little equipment or supplies outside of a basic computer, your existing home policy should do the trick. But it’s best to call your insurer first to make sure.
MORE LIVING SPACE Your insurance will need to be altered to account for the value of the new space, in case a catastrophe strikes.
KITCHEN AND BATH UPGRADES Be sure your existing coverage be sufficient to rebuild your remodeled kitchen or bathroom after a disaster. Upgrades like granite counter tops should be considered in your coverage.