When you make renovations or get home additions, you’re most likely adding value to your property. In other words, you’re increasing the amount of money it would take to replace your home, which means your insurance has to reflect that change as well. Doing so will keep the right coverage amounts in place if your home faces damage.
What specific types of remodeling projects can directly impact your insurance premiums? Highland Design and Build, one of the leading local interior remodelers, lists three of them here.
- Basement Finishing – With this upgrade, your insurance has to cover more structures, so you’ll want to let your insurance company know about the project to have the proper coverage amount. It’s also worth considering to add water backup coverage for your finished basement, as damage from pump failures or water overflows isn’t usually covered by a standard home insurance policy.
- Kitchen Remodels – Upgrading your kitchen is one of the most common and most expensive types of remodeling. While it can be a costly project to invest in, it will help boost your home’s value in the long run, especially if you hire a professional kitchen designer to complete your upgrade. You’ll want to make sure the cost is updated with your insurance company to enjoy coverage benefits according to your property value.
- Room Renovations – Simple renovations like replacing your old countertop with a granite countertop and installing hardwood tiles can also increase your insurance. These elements are considered a high-value investment in your home. Be sure to include room renovations on your inventory list to protect from future damage.
If you’re looking for ways to add value to your home, turn to Highland Design and Build. With years of professional home design and remodeling experience under our belt, we pride ourselves on being a trusted leader among local home remodelers. Contact us today at (205) 386-8660 or complete our form, and we’ll help you create the home of your dreams.