Is there a downside to a home renovation project? (Beside the mess and the expense, we mean!)

Well, yes and no. After all, most home renovations add value to your home—and that means that the cost to replace your home, should it be destroyed, would be greater. On the other hand, some upgrades may trigger lower premiums—a savings you may not even realize you have at your fingertips.

But there’s a simple solution to this problem: give us a call and let us help you decide exactly how much homeowners insurance you need to cover your newly renovated home. In the meantime, here are some points to consider as you prepare for home renovation projects.

• A new roof is a big expense—but it can also trigger big savings, cutting your insurance premiums by as much as 10 to 20 percent. Be sure to get documentation from your contractor proving that it’s up to the strictest code.
• Putting in a pool? You may want to increase your liability coverage to cover medical costs for anyone injured in the pool—and legal expenses, if they sue you—and increase your homeowners coverage to compensate for the value of the pool.
• If you’re having electrical or plumbing work done, those upgrades may land you with a lower insurance premium.
• Thinking of adding on a room? Give us a call before the project starts, so we can ensure it will be covered if it’s destroyed before it’s completed. If your add-on is already finished, remember that it’s going to add value to your home—and that may require an increase in your insurance coverage.
• Overhauling your bathroom or kitchen? Be sure that your insurance policy provides coverage enough to rebuild the remodeled room if a disaster strikes. 

To make a long story short: if you’re considering upgrading or remodeling your home, give us a call while you’re planning the project—and be sure to contact us after it’s finished. We’ll work with you to make sure your dream home has ample protection.

Beall Financial and Insurance Services has been working with property owners for more than 25 years to help them protect their most important assets: home, health, and business. If you have questions about insurance coverage for your home, family, or business, contact us.