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The decision to renovate your home can be exciting, but the cost of making changes to your home may not be your only expense. In many cases, your home insurance in Burlington, North Carolina will also be affected by the renovation project.
Inform the Insurer
Before making any changes to your home, talk to your insurer and find out how it will impact your policy. It may be necessary to obtain additional liability protection until the project is completed and some insurers may decide that your policy is not appropriate for the additional value to your home.
Evaluate the Impact on Your Home’s Value
Even if your insurer does not require any changes to your policy during the project, you may discover that the renovations add to the value of your home. If that happens, then it may be necessary to increase the value of your home on your policy and add to the current coverage to ensure that your house is properly protected.
Depending on the renovation, the impact on your home’s value may vary. For example, renovating your bathroom to update the fixtures may not have a major impact on your policy. However, adding an additional room to your house may add a large amount to the overall value of your house.
Differences Between Companies
Although a renovation can have an impact on your current homeowner’s policy, the exact changes may vary. Insurers have different policies and requirements based on the situation and the changes that you are making to your home.
The decision to renovate a house can seem simple, but you must consider the impact on your insurance policy before you get started. To learn more about insurance during renovations, contact us to talk to an independent agent today.