You’ve decided to take on a home renovation project to improve the quality and comfort of your living space. But do you realize that these changes may affect your home insurance? At Delgado Insurance Agency, LLC, we want to help you understand how and why home renovations can influence your insurance coverage in Laredo, TX.
Increased Home Value
A significant home renovation can increase your property’s value. Therefore, it is crucial to reassess your home insurance coverage to ensure it adequately reflects the improvements you’ve made. Failing to update your policy could leave you underinsured and exposed to financial risk if you need to claim.
Renovations and Liability
While construction is underway, there might be an increased risk of accidents on your property which could expose you to liability issues. Consequently, it might be worth considering whether your current policy provides sufficient personal liability coverage during renovations.
Types of Home Renovations That Could Affect Your Home Insurance:
- Adding Square Footage: Extensions or additional rooms increase your home’s value and thus may require more coverage.
- Kitchen or Bathroom Updates: High-end renovations in the kitchen or bathroom can notably increase your home’s value. As a result, you may need to adjust your policy to cover these changes.
- Roofing Changes: A new roof can influence your insurance policy. A roof made of more durable material might lower your premiums by reducing your home’s vulnerability to damage.
Navigating Home Insurance Following Renovations
At Delgado Insurance Agency, LLC, we’re here to help you navigate how home renovations can influence home insurance policies in Laredo, TX. Contact us today to ensure your home is fully protected, even as its value grows.
