Making improvements to your home can increase its value, improve your comfort, and enhance your property’s functionality. However, certain upgrades can also affect your homeowners insurance coverage.
Whether you’re remodeling your kitchen, adding a swimming pool, or installing a home security system, it’s important to let your insurance agent know about these changes. Updating your policy helps ensure your home and belongings remain properly protected if you ever need to file a home insurance claim.
Before making major upgrades, consider reviewing your homeowners insurance with your independent insurance agent. An independent agent can help you understand how renovations may affect your coverage and compare options from multiple insurance companies. Learn more about what an independent insurance agent does.
1. Kitchen or Bathroom Renovations
Kitchen and bathroom remodels are among the most popular home improvement projects because they can increase both your home’s value and functionality. However, these upgrades may also increase the cost to repair or rebuild your home after a covered loss.
Once your renovation is complete, review your homeowners insurance policy to ensure your dwelling coverage reflects your home’s updated value. Regular policy reviews can help you avoid coverage gaps as your home changes. Learn more about 3 key reasons to review your home insurance coverage.
2. Detached Structures
Adding a detached garage, workshop, storage shed, guest house, or similar structure can increase your property’s value and may require additional insurance coverage.
While many homeowners insurance policies include coverage for detached structures, the coverage limits may not be enough to fully protect your new addition. Updating your policy helps ensure these buildings are covered if they’re damaged by a covered event.
3. Installing a Swimming Pool
A swimming pool is a great way to enjoy your backyard, but it can also increase your liability risks.
Depending on your insurance company, you may need additional liability coverage after installing a pool. Many insurers also recommend or require safety features such as:
- A secure fence with self-latching gates
- Pool covers
- Safety equipment
- Compliance with local building and safety requirements
Reporting your new pool to your insurance agent helps ensure your policy accurately reflects these changes.
4. Adding a Trampoline
Trampolines are another backyard feature that can affect your homeowners insurance.
Some insurance companies provide coverage for trampolines, while others may have restrictions or exclusions. Requirements often depend on the insurer and whether safety features, such as enclosure nets, are installed.
Before purchasing a trampoline, review your homeowners insurance policy so you understand how it may affect your coverage.
5. Bringing Home a Dog
Adding a dog to your family is exciting, but it’s also something you should report to your insurance agent.
Some insurance companies consider factors such as a dog’s breed, size, training, or bite history when evaluating liability risks. Coverage requirements vary by insurer, so it’s important to make sure your policy accurately reflects your household.
While homeowners insurance may provide liability coverage for certain dog-related incidents, it doesn’t cover your pet’s veterinary care. If you’re looking to protect your dog’s health, learn more about pet insurance and how it can help cover unexpected veterinary expenses.
Keeping your policy up to date can help prevent unexpected issues if you ever need to file a liability claim.
6. Installing a Home Security System
Installing a monitored security system, smart locks, smoke detectors, or security cameras can improve your home’s safety and may even qualify you for homeowners insurance discounts.
Discount eligibility varies by insurer, so let your insurance agent know about these upgrades during your next policy review. It’s also a good opportunity to confirm your coverage still meets your current needs.
Keep Your Home Insurance Up to Date
Your home changes over time, and your insurance coverage should change with it. Whether you’ve completed a renovation, added outdoor features, or welcomed a new pet, reviewing your homeowners insurance can help ensure you have the right protection.
If you’re planning additional renovations, you may also find our guide on 5 DIY home renovation projects that can affect your home insurance helpful before you begin.
At G&G Insurance, we’re here to help you understand how home upgrades may affect your coverage. Our experienced team can review your insurance policy, answer your questions, and help you find coverage that fits your needs.
Contact G&G Insurance today to schedule a home insurance review and make sure your coverage keeps up with the improvements you’ve made.