Home Insurance: Do You Need To Update Your Policy When Renovating?

​There are several reasons to improve your property. But should you consider updating your insurance plan if you want to renovate? Today, you're going to know why you need to call your homeowner's insurance carrier first before you begin.

Does Your Place Have Enough Coverage?
Replacement cost coverage is an important part of your homeowner's policy. The policy's goal is to ensure that if your home is damaged, your insurer will pay enough money to rebuild it.

Some house improvements, especially simple ones, have little to no influence on a home's replacement cost. Assume a homeowner wishes to replace their carpets or renovate their bathroom with newer tiles and countertops. 

These modifications may make the house seem nicer and increase its resale value. However, they will not necessarily make it much more expensive to reconstruct the property if the need arises.

Could Renovations Save You Money?
It's worth mentioning that if a remodeling results in a safer residence, it may reduce homeowners insurance prices.

However, for the most part, a big remodeling increases the likelihood that homeowners insurance prices would climb. Owing to the requirement for greater replacement coverage. 

While no one wants to see their expenses skyrocket, it's critical for homeowners to have that talk with their insurance carrier to rest assured they have appropriate coverage for a truly worst-case situation.

On the other side, some renovations may demand higher replacement cost coverage. Assume a homeowner is tearing down their kitchen and replacing it with high-end appliances, cabinets, and countertops. 

Certain upgrades can increase a home's replacement cost while also posing a risk. When you're undergoing a large remodeling, it's a good idea to call your home's insurance carrier. 

While paying for more coverage may not be appealing, it's a better option than failing to do so and perhaps finding yourself in a difficult situation if your house needs to be rebuilt and your insurer refuses to pay in full.

Conclusion
Insuring your house is essential for safeguarding your money in the case of a disaster, no matter where you reside. 

You want to ensure you have the correct home insurance coverage for your scenario, whether it's a natural catastrophe, an accident, a break-in, or something else that damages your property.

At Insurance Agency Network, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (425) 448-9190 or Click Here to request a free quote.  Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!