Home renovations can greatly enhance your quality of life and comfort. Additionally, the right renovations can significantly increase your property’s market value. If you’re a homeowner in Central Ohio planning some renovations, it’s prudent to carefully select improvements and ensure that you update your home insurance policy once the work is finished.
Reasons to Update Home Insurance Coverage After Renovations
As renovations directly impact your property’s market value, updating your policy’s coverage limits is essential. This ensures you’ll receive enough compensation to rebuild your home thoroughly, should the need arise.
Most home insurance policies do not cover additional structures on your premises. Therefore, if you build a pool, add a fence, construct a gazebo, erect a detached garage, etc., you should update your policy accordingly. Also, if a pool is added, you’ll want to increase your liability coverage, as a pool can increase the probability of an accident on your property.
Policy Updating Process
Retain all paperwork related to your home renovation work. Your insurer will want to see contractor receipts as well as evidence of the work done on your home. It’s worth noting that your insurer may request a new appraisal of your home to assess its value accurately.
Home Insurance from Insuran LLC
Anytime you review your home insurance policy, it’s also a good opportunity to reconsider your coverage to ensure that you’re getting the best deal. If you’re interested in exploring your options, Insuran LLC offers homeowners in Central Ohio a variety of policies and excellent deals. Contact us to learn how we can assist you in finding the ideal policy for your unique circumstances.
