Many people choose to remodel certain areas of their house due to a variety of reasons. Maybe you want to give your kitchen a fresh appearance, remodel your bathroom, or you are thinking about adding a new swimming pool in your backyard. Understanding how these renovations or upgrades will impact your homeowner’s insurance is important before you begin construction. Sometimes an upgrade won’t make an impact on your insurance, while other changes may increase or lower your homeowner’s insurance. Reaching out to your insurance agency is helpful in learning more information about the financial impact of remodeling your house.
Here is an overview of a few of the most common remodeling projects for your home that can help raise or lower your insurance premiums.
Adding On To Your House
Building a new room for your house is a great option if you are short on space or if you are expecting a child. Adding on to your existing home will increase its value and add more square footage for your house. It’s always important to reach out to your insurance provider to get more coverage that takes into account the additional space. On the other hand, waiting too late to get more insurance coverage on a new addition to your home is always a risk that isn’t worth taking.
Turning Unlivable Space Into Livable Space
Another common home remodeling project is to turn unlivable space into livable space. For example, you may want to convert your garage or attic into a livable space. The cost of your insurance most likely won’t change if the area is already covered under your homeowner’s insurance liability and property coverage. However, you will need to add this area to your homeowner’s insurance policy if it wasn’t previously covered to help protect you against theft, liability, or property damage.
Replacing Electrical, Plumbing, or HVAC System
An outdated furnace or electrical system is considered a fire hazard for your home. Older plumbing also has a much greater risk of flooding compared to using a new system. Working with a reputable company to replace an outdated system is an excellent way to lower your insurance premiums while also giving you greater peace of mind. Replacing an HVAC system can even result in more cost savings by helping you lower your utility bill each month due to it working more efficiently.
Rebuilding After a Natural Disaster
Rebuilding your house after a natural disaster is an all too common reality for many homeowners in Florida. Hurricanes are always a major threat due to the fierce winds and flying debris. Making a claim with your insurance company during the aftermath of a hurricane or any natural disaster will often cause your insurance premiums to rise the following year. Optimizing your home by making it more disaster-resistant can help lower these expenses, such as upgrading your windows with impact glass or reinforcing your roof to withstand wind damage.
Renovating Existing Rooms
Renovating existing rooms in your home is a great way to boost the value of your home while giving it a more modern appearance. Depending on the cost of renovation, it may make an impact on your insurance premiums. For example, installing hardwood flooring or putting in granite countertops is considered a high-value investment that will most likely increase the amount of your homeowner’s insurance. Keeping these things in mind is always a good idea before you make a significant investment.
Building a Swimming Pool
Installing a brand new swimming pool on your property is a great way to cool off during the summer months. Relaxing by the pool or taking a quick swim is a favorite activity for many people. However, one of the disadvantages of installing a swimming pool in your yard is that it will increase your homeowner’s insurance due to the greater risk of an accident. Installing safety measures can help lower these costs, such as using a pool cover, installing safety rails, and building a fence around your swimming pool.
Installing Additional Safety Features
Staying proactive by adding safety features to your house will not only keep you and your family safer but can also lower the cost of your homeowner’s insurance. A few ways you can decrease your insurance is by installing a security system, using deadbolt locks on your doors, while also making sure all of your bedrooms and living spaces include a smoke detector. Using storm shutters or shatter-proof windows will help protect your house against severe weather while also lowering your insurance.
Contact Wellcovered Insurance to Learn More Information
Wellcovered Insurance is an agency that can help you find the best homeowner’s insurance to meet your needs and budget. Our company works with more than 30 insurance carriers to help you choose the best policy available. Our office is conveniently located in Orange City, as we are committed to providing fast and friendly customer care.
Our company invests in the latest technology to help you find the best insurance carriers to meet your needs. We also offer other insurance options, such as mobile home, rental, commercial property, car, boat, motorcycle, and much more. We are one of the top-rated insurance agencies for Volusia and Seminole County, as our agents will always return any missed phone calls on the same day.
You can receive an auto quote in only 15 minutes, while getting a quote for homeowner’s insurance only takes one to two business days. Our agency stays active throughout the community, as we are a member of the West Volusia Regional Chamber of Commerce and the DeLand Breakfast Rotary.
Feel free to contact Wellcovered Insurance today to learn more about homeowner’s insurance!