Summer is a great time to remodel. The weather is relatively stable. The kids are out of school allowing for a vacation that gets the family out of the crew’s way. The days are longer, so the crew has more daylight to finish a job. And when the cozy days of fall hit, you’ll have a beautiful and comfortable remodel that also improves the value of your home.
It’s that last part that requires discussion. If your home value increases, your insurance company needs to know to ensure you have adequate coverage. And some home improvements require new types of insurance. Conversely, some improvements could lower your premiums. And you don’t want to skip taking advantage of that.
If you installed a pool or a hot tub this summer, you might be required to not only upgrade your insurance, but also purchase an umbrella liability policy or put a fence around the pool or a cover or lock on your spa.
Maybe you built a shed in the backyard this year to for your burgeoning furniture business or to host yoga classes. If you’re using a home addition for a business, especially a complex one or one that brings in a lot of foot traffic, you might have to upgrade your insurance.
If you plan to expand your home for a growing family, call your insurance company first. It would be devastating to lose to fire a not-yet-completed and not-yet-insured addition. And if you’re turning your basement into a private apartment that you’ll rent out, you’ll need a different type of coverage as a landlord.
Replacing a roof may not be the most exciting renovation you can do, but since the roof is particularly vulnerable to weather damage, upgrading it can result in lower insurance premiums. This is particularly true if you live in a hurricane-prone zone and upgrade your roof to withstand hurricane winds.
So even though you’re dying to relax in your new pool or new addition, don’t get so relaxed that you forget to call your insurance company!