Home renovations are a great way to enhance your living space and increase your home’s value. You can alter not only the appearance of your home but you can also improve the function of the house. However, many people fail to realize that renovations can impact your home insurance needs. Understanding that these improvements can also affect your home insurance policy is essential. Here are some ways your policy can be affected by renovations from Oliver Insurance, a home insurance provider in the greater Canby, OR region.
1. Increased Coverage Needs
When you renovate or make significant additions to your home, such as adding a new room or updating the kitchen, you may need to increase your insurance coverage. The increased value of your home and its contents means you should have adequate coverage to rebuild or replace them in case of damage or loss.
2. Notify Your Insurer
It’s crucial to inform your insurance company about any renovations. Failure to do so could result in gaps in coverage. Your insurer needs to know about the changes to assess the impact on your policy and adjust your coverage accordingly.
3. Liability Concerns
Renovations can introduce new liability risks. You may be held liable if a contractor or worker is injured on your property during the renovation. Ensuring you have sufficient liability coverage is essential.
Home renovations can significantly impact your home insurance policy. If you’ve completed home renovations, and you’re unsure if your existing policy still meets your needs or you are looking for a new policy, let the team at Oliver Insurance, serving the greater Canby, OR region, assist you. Reach out to us today to learn more.