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7 Home Remodeling Projects That Can Affect Your Homeowners Insurance Premiums

Homeowners in the United States are said to spend $400 billion per year on home remodeling projects and repairs. While some of these improvements may raise your homeowners’ insurance premiums, others may lower them; in either case, you should notify your insurer before beginning any of your tasks. Depending on the alterations made to your house and its resale value in the market, you may need to completely replace your policy.

Minor repairs do not require much concern, but let’s look at seven renovation projects that could affect how much you pay for homeowners’ insurance each month.

  1. Swimming Pool

    If you have a pool in your home, your insurance prices will go up since you may need liability insurance for children’s protection. While you’re remodeling, it’s a good idea to put up barricades; this will assist in reducing the spike in insurance rates.

  2. Kitchen

    While remodeling the kitchen, you may consider integrating modern kitchen technology, which may increase the resale value of your home. As a result, you may see an increase in your insurance costs.

  3. Roof

    Old and leaking roofs endanger the safety of your family and your home. As a reason, insurers are eager to cut your premiums if you consider redoing them. Another step would be to have your roof inspected every few years.

  4. The Garage

    When you consider converting your garage into an extra room, you end up adding additional space to your total living area. In this instance, following local building codes and notifying your insurer of the extra space is critical. As a result, your insurance rates may rise.

  5. Security Systems

    Installing security devices such as smoke detectors, fire and burglar alarms, and deadbolt locks reduces the likelihood of any mishaps happening. Consequently, this can significantly lower your premium costs.

  6. Electrical Fittings, Plumbing, and Heating

    Similar to replacing an old roof, renovating your home’s old plumbing, heating, and electrical systems improves home safety and lowers insurance costs.

  7. Home Office

    If you want to run your business from home, you may need to supplement your current homeowners’ policy with additional business coverage or obtain a separate policy to cover any liabilities. As a result, insurance prices will inevitably rise.

Cover Your Remodeled Home with McCarty Insurance

Remodeling a home’s structure offers it a new look that may make it appear to be brand-new. While your home is already insured, it is your role to ensure that any new improvements are covered. Contact our professionals here at McCarty Insurance today for more information on how your projects may affect your existing homeowners policy. We’ll do our best to address all of your questions.

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