Home Insurance and Remodeling: What You Have to Know

Over the last few years, homeowners nationwide have ramped up their efforts to remodel and improve their homes instead of buying new ones. However, before picking up a hammer, knowing exactly how your renovations will affect your homeowner’s insurance is important. Luckily, Wine Valley Insurance Services professionals in Napa, CA have the answers you need. 

Do You Have to Inform Your Insurance Company About Your Renovations?

Not telling your insurance company about your remodeling project can have costly consequences should your home be damaged. A good rule of thumb to keep in mind is if your project increases the value of your home, your insurance company should know about it. For example, should your home suffer a fire and need to be rebuilt, the walls you repainted beforehand won’t increase the rebuild cost. However, if you recently added a new room, the cost of rebuilding your home exactly as it was will reflect that addition.

If your insurance company isn’t made aware of the new room added to your home, you can be left holding the bag for the full amount of the rebuild or repair of that space.

Though the increased value of your home may cause a similar increase in your premium, there are some upgrades you can make that increase the value while decreasing the premium. Replacing old wiring or plumbing tends to lower the chances of you filing a claim, meaning the insurance provider may cut you a break.

Find the Coverage That’s Right for You

If you need help finding the right coverage for your home at a price that works for you, contact Wine Valley Insurance Services in Napa, CA today! We will work with you to provide peace of mind and financial security when it matters most.