Summer is a popular time for home projects. Maybe you finally built that new deck, added a hot tub, finished a major remodel, installed solar panels, or upgraded your outdoor space.
Once the project is finished, there’s one more thing that’s easy to overlook: letting your insurance agent know.
Improvements to your home can change its value, replacement cost, and even your liability exposure. If your homeowners insurance still reflects your home as it was before the project, you could have a gap in coverage.
Remodeling or Adding On to Your Home
A new kitchen, finished basement, additional bedroom, or major renovation can increase the cost to rebuild your home.
Your homeowners insurance dwelling limit is based largely on the estimated cost to reconstruct your home—not simply its market value. If you’ve made significant improvements, your current coverage may no longer reflect what your home would cost to rebuild today.
New Decks, Sheds and Other Structures
Did you add a deck, detached garage, shed, gazebo, or another structure this summer?
Some improvements become part of your home’s dwelling coverage, while detached structures may fall under Other Structures coverage. Your policy typically has a specific limit for these structures, so larger or more expensive additions may warrant a coverage review.
Pools and Hot Tubs
A new pool or hot tub can be a great addition to your home, but it can also change your liability risk.
If someone is injured in or around your pool or hot tub, you could potentially be held responsible. Your insurer may also have requirements for things such as fencing, gates, covers, or other safety measures.
This is also a good time to review your personal liability limits and consider whether an umbrella policy makes sense.
Outdoor Kitchens and Upgraded Landscaping
Outdoor living spaces have become increasingly elaborate. Built-in grills, fireplaces, kitchens, retaining walls, irrigation systems, and extensive landscaping can represent a significant investment.
Coverage for these improvements can vary. If you’ve invested substantially in your outdoor space, don’t assume everything is automatically covered to its full value under your existing homeowners policy.
Solar Panels
Adding solar panels is another improvement your insurance company should know about.
How they’re covered can depend on whether the panels are permanently attached to your home, installed elsewhere on the property, leased, or owned. Solar panels can also affect the estimated cost of rebuilding your home.
Don’t Forget What’s Inside
Home projects often come with new belongings, too.
New furniture, appliances, electronics, artwork, or other valuable items may increase the amount of personal property in your home. Certain high-value items can also have specific coverage limits under a standard homeowners policy.
If you’ve made significant purchases along with your renovation, it’s worth reviewing those as well.
A Quick Insurance Review Can Make a Difference
You don’t need to call your insurance agent every time you plant a tree or replace a light fixture. But significant improvements to your home are worth mentioning.
If your home looks a little different than it did at the beginning of summer, now is a great time to make sure your insurance reflects those changes.
Did you complete a home project this summer? Contact Rendezvous Insurance for a quick coverage review. We’ll help make sure the home you’ve invested in is properly protected.
