How Does Remodeling Affect Home Insurance?

Few things are more exciting than finishing a long-planned home remodeling project, but such changes can increase your risks during and after the work. Since accidents can occur during projects and remodeling work typically increases home values, you should contact your insurance agent before starting. If you live in the Brevard, NC, area, consider getting our Brevard Insurance Agency Inc. team to ensure our home insurance coverage fully protects you and your family.

How Remodeling and Renovating Affect Risk

Although most home insurance policies include minimal protection from accidents during a home remodeling project, some policies require you to notify your agent before beginning the work. The nature of these projects increases the risk of specific hazards and brings potential liabilities for the workers, their equipment, and supplies. We often recommend modifying your coverage during the project or adding an umbrella policy for longer-term coverage.

In addition, most remodeling or renovation projects increase the home’s value due to the increased space, updated fixtures, and new furnishings. A project that adds a pool or hot tub raises your home’s value and new sources of risk. An adjusted home insurance policy should account for these changes.

Some modifications reduce the risk of homeownership by bringing outdated electrical or heating systems up to code, which can result in lower premiums. So, whatever changes you plan, discuss them with your agent in advance so you can ensure you are fully protected.

Working with the Brevard Insurance Agency Inc.

The family home is the most significant investment many of us have, so we must protect ourselves against unforeseen events. Stop in or call the Brevard Insurance Agency Inc. today. We proudly serve the Brevard, NC, area and can help you obtain the protection you need.