26/01/2017 0 Comments
How Renovations Can Affect Your Home Insurance
One important aspect of home renovation projects, which is not discussed as often as it should be, is how renovations can affect your home insurance. Many homeowners go into a renovation with the misconception that their home insurance premiums won't be affected at all. The Woodbridge and Vaughan home insurance brokers at Ken Maynard Insurance Brokers want homeowners to know that they need to revisit their policy before starting on renovations.
Home renovations have the potential to increase or decrease your premiums, depending on the type of renovations you choose to do. Renovations which increase your home's security, for example, can lower your premiums. Renovations which increase your home's value, on the other hand, can raise them.
The idea of slightly higher premiums might not be appealing at first, but you need to consider the fact that you rely on your Woodbridge home insurance to properly cover your home in the event of losses. If the value of your home has increased but you did not let your insurer know, then you will not be covered for the full amount of your losses.
One renovation which can save you money on your premiums and increase the value of your home is the installation of a new roof. A new roof will increase your home's curbside appeal while at the same time decreasing the chances of structural and weather damage. Other renovations which can have similar effects on premiums and resale value include installing a new alarm system and making your home more energy efficiency.
You should also tell your insurer about renovations which increase your living space, such as the addition of a new room or finishing of a basement. Upgrades to your plumbing or electrical system should be reflected in your policy as well. Ultimately, you'll want to contact your Woodbridge or Vaughan home insurance brokers for just about any renovations that you may be doing to your home. Any changes, no matter how minor they seem to you, could save you some money on your premiums, increase your home's value, or even both.
Many homeowners who do know that they will need to update their policy after renovations nevertheless still mistakenly believe that they don't need to contact their insurer until after the renovations are done. The truth, however, is that your policy may need to change during renovations as well. For example, you'll likely need a vacancy permit if you're going to be out of the house for a substantial period of time while the renovations are taking place.
Ensuring that you have the right home insurance policy for your needs will be a lot easier if you work with trusted Woodbridge insurance brokers. At Ken Maynard Insurance Brokers, we'll make sure that you are aware of exactly the sort of coverage you need while renovations are being done.
To secure affordable and comprehensive home insurance in Woodbridge both during and after your renovations, simply get in touch with Ken Maynard Insurance Brokers Ltd. today.