Every home remodeling project requires thorough preparation. Other than getting the right materials and hiring the right new construction contractor, you’ll need to consider how your home renovation project will affect your homeowners’ insurance.
If you’re planning to revamp your home, you’ll need to increase your insurance coverage. Make sure that you inform your insurance company before starting your remodeling project, and see to it that you have the right amount of coverage. You might also require more coverage if you’ll need new construction services. Read on to learn more about home remodeling affecting your home insurance rates.
Adding a Swimming Pool
Building a swimming pool can affect your homeowners insurance in two ways. It could either increase your home’s value and make it an attractive feature of your home, provided that it is well-maintained. On the flipside, it can be a liability hazard. In case someone gets injured in your pool and presses charges, you could face financial repercussions.
As such, your remodelers strongly suggest getting a higher liability coverage than normal. It’s also a good idea to get an umbrella insurance policy which adds liability coverage. You can further protect your investment by building a fence with the gate near the pool as a condition for coverage.
Building a Home Office
Now that we’re mostly at home, a lot of homeowners have thought of building a home office to create a conducive working environment, especially with work-from-home setups as the norm. This will increase your home’s value especially for workers and home business owners. However, you’ll need to increase your insurance policy coverage. This is especially true for a business owner that runs machinery in their home. It’s also worth noting that your insurance provider might not be able to cover liability related to your business. If there is a lot of foot traffic at home, you’ll need to enhance your current policy or purchase a separate business policy.
Aside from providing renovation roofing services, Ritco Group can also handle your home remodeling needs. With our top-tier solutions and professional design team, we’ll make sure your project, whether it involves home additions or bathroom renovation, goes safely and smoothly. We proudly serve the areas in and around Brentwood, Franklin, Columbia and Murfreesboro, TN. Call us today at (931) 345-3569, or fill out this contact form to schedule your consultation. We’d love to hear from you!