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As a homeowner, upgrading your home is a great way to improve your living space and add value to your property. However, it is important to remember that major home upgrades can also impact your house insurance coverage. Here’s what you need to know about updating your house insurance when making changes to your property.
1. Notify Your Insurance Provider
Before making any major changes to your home, it is important to contact your insurance provider to notify them of your plans. This will ensure that your policy remains up-to-date and that you have the necessary coverage for your upgraded home.
2. Consider the Added Value
When upgrading your home, it is likely that you will be increasing the value of your property. This means that you may need to adjust your coverage to ensure that you are adequately protected in the event of a disaster or other unforeseen event.
3. Understand the Risks
Certain home upgrades, such as adding a swimming pool or installing a new furnace, may increase the risks associated with your property. This means that you may need to pay higher premiums to ensure that your coverage reflects the increased risk.
4. Make Sure Your Contractor is Insured
When working with a contractor to upgrade your home, it is important to make sure that they are fully insured. This will protect you in the event of any damages or injuries that may occur during the renovation process.
5. Consider Additional Coverage
In some cases, upgrading your home may require additional coverage beyond your standard house insurance policy. For example, if you are adding an in-law suite or renting out a portion of your home, you may need to purchase additional coverage to protect against liability claims.
Upgrading your home can be an exciting time, but it is important to remember the impact that these changes can have on your house insurance coverage. By communicating with your insurance provider and understanding the risks and considerations associated with your upgrades, you can ensure that your home is fully protected.
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