Do You Need to Change Your Home Insurance Policy After a Remodel?
The Best Homeowners Insurance For Your Needs Depends on What You Build During a Remodel
If You Built a Pool
While most standard home insurance policies typically include liability coverage, it is highly recommended that homeowners opt for additional liability coverage and financial protection in the form of an umbrella insurance policy after adding a pool to their home.
If You Built a Home Office for Your Business
For that reason, homeowners may need to discuss with their insurance agent about the possibility of a home insurance exclusion for their property after their remodel. Homeowners can also consider purchasing an endorsement to supplement their home insurance policy with increased business asset and equipment coverage. Alternatively, homeowners may need to purchase a separate business insurance policy in addition to their home insurance.
Situations Where You Wouldn’t Need to Change Your Insurance Policy After a Remodel
As shown above, many of the remodeling situations that result in the need for a home insurance policy change involve sweeping household additions. Here are some common small changes that wouldn’t require an insurance change.
If You Performed Upgrades and Repairs
If homeowners strictly make upgrades and repairs to existing household components such as their roof and plumbing during a remodel, they do not need to make changes or additions to their home insurance. In fact, such upgrades and repairs can reduce their home insurance premiums.
If You Added New Furniture
Furniture and similar household components have no bearing on insurance needs. For that reason, if a home remodel is focused entirely on interior aesthetic pieces such as furniture and fixtures, the homeowner will not need to make any changes to their home insurance policy.
As you can see, post-remodel home insurance needs vary heavily based on the nature of the remodel in question. To determine your post-remodel home insurance needs, contact Absolute Choice Insurance today!