Homeowners undertake home improvement projects to make repairs, add to their existing space, or make substantial upgrades. While the improvements will eventually raise the value of your home, they will also raise your homeowners insurance premiums. Depending on the amount of risk you incur during the actual renovations, your premiums may increase the day you start the project. Working with your insurance agent from the start of the project will allow you to know your premiums during and after your project’s completion.
Improves Your Home’s Value
Home improvement projects that add space or make necessary repairs will increase your home’s value simply because it strengthens and supports the structure of your home. Many people undertake these projects to improve their living areas and make their homes more functional. This adds value to their home as well as improves their living conditions. Exterior improvements improve curb appeal and will allow a homeowner to increase their sale price. Interior improvements can make your living area more comfortable and provide you with additional amenities.
Essential upgrades can range from installing new energy-efficient windows to putting in a brand new set of appliances. Upgrades remove old or worn-out parts of your home and replace them with new, state-of-the-art parts that will last for many years into the future, as well as meet the latest EPA regulations for energy usage and sustainability. Older appliances can break down or become a fire hazard. Essential upgrades do more than just make your home more functional. They also make your home safer and more energy-efficient.
Risk of Liability During the Renovations
Anytime construction is underway, there is a risk of accidental injury. Construction workers who are renovating your home are at risk of injuries you will be liable for. You will need to notify your insurance agent before you start your home renovation project. They will need to know what plans you have in place and the timeline for your project. Before starting your project, make sure your insurance agent knows every aspect of the project so they can determine if any adjustments need to be made to your premiums.
When undertaking any home renovations, you will need to plan things out very carefully. You will also need to let your insurer know of any potential risks the construction workers may face while they are on the job as well as the potential increase to the value of your home.
Contact the experts at the Scavone Insurance Center in White Plains, New York today. We have answers you can rely on when you need them the most. Each of our agent has been trained to help you calculate any changes in your home insurance premium so there won’t be any surprises when your premiums change. Give us a call at your earliest convenience and we will help you plan ahead for your home improvement project.