Effects That Renovating Causes to Your Home Insurance

​Being practically in quarantine these past few months, you’ve probably spent a lot of time in and around your home, thinking of upgrading your living space. Well, you’re not alone. According to a Home Renovation Consumer Survey, 64% of Americans have completed some sort of home improvement project in 2020. From the same survey, 62% of Americans are planning a home renovation or maintenance project, and 32% plan to do it themselves. But what does that mean for your home insurance?

​Some Tips to Consider Before Renovating
Renovating may be fun, but as the old saying goes, everything can have consequences. So before you decide to swing your sledgehammer onto a wall, consider these tips below.

Don’t Forget to Ask for Permits.
Whether you’re planning a big project yourself or hiring a contractor, don’t skip the permits. Even seemingly minor projects might require them. If you start working on a renovation project without one, you could be setting yourself for headaches from fines and penalties. Worst case scenario, an inspector may order you to tear an almost complete project down and start over. If that’s the case, you cannot expect your home insurance to foot the bill for bringing things up to code.

Notify your Home Insurance Company
Your insurance covers the cost to rebuild your home if disaster strikes. But increasing the value of your home through a renovation can also increase the cost to rebuild your home. Make sure to keep your insurance company updated if you’re about to start a project to avoid hiccups during insurance claims and rebuilds.

If your House is Vacant, Make Sure It’s Covered by Insurance
If your house needs to be vacated during renovations, you might need to buy additional homeowners’ insurance coverage, such as “vacant home insurance” for vandalism and theft. Generally, a standard insurance policy does not include losses for homes vacant for more than 60 consecutive days. You may also customize your vacant home insurance, including coverage for weather damage, liability, and maintenance equipment.

Conclusion
The COVID pandemic may have locked us all up in our homes for months, but it has also made us spend more time with our families in the comfort of our own homes. Don’t spoil the fun in renovating your home by following the simple tips above. 

At Priority Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (864) 297-9744. Get your free quote today by CLICKING HERE.