You might have been saving for that kitchen remodeling project in Reading, Wyomissing, Myerstown, Robesonia, PA, and the surrounding areas, or finally finishing off part of your lower level, but have you considered how that might affect your home insurance? At Stubbs Insurance Agency we see it all the time where a homeowner does a home improvement and then doesn’t update their home insurance, leaving themselves and their property exposed. We aren’t talking about choosing a different paint color, but rather upgrading kitchen cabinets, drywalling and finishing off part of your basement, or even adding a new room to a home. Your home insurance likely needs to be updated to reflect this increased value in the home. Talk with us today about reviewing your home insurance when these home changes are done.
Adding That Pool Can Change Liability
Adding a pool to your property is a great addition that provides you with your own getaway, but it can also increase your liability exposure due to it being a hazard, especially for young children. Another example is adding a new utility shed years after you purchased the home, and that shed is not covered in your policy unless and until you add it, which can mean that you will have to shoulder the entire replacement cost should something happen to it before it is added to your homeowners policy.
It is important to understand that your replacement cost could be higher or lower than the market value of the property you have. Insurance companies will look at the replacement cost to base your coverage limits on. Also keep in mind that this replacement cost does not include the land cost, as the land will always be there and can’t be ‘repaired/replaced’.
Top Changes That Should Trigger a Home Insurance Review
While there are many changes or adjustments that you might make to your home, these are the top 5 that should necessitate a review of your policy to ensure you have the right coverage levels. Kitchen and bathroom remodels are at the top of the list, followed by home additions and finished basements. Adding a swimming pool or hot tub is next, followed by the addition of a deck or patio. Finally on the list are major system updates, such as electrical, roofing, or plumbing, as these items can lower your risks.
It is always a good idea to plan for a home insurance review from time to time in Reading, Wyomissing, Myerstown, Robesonia, PA, and the surrounding areas, but if you have done one or more of the above items, it is a good idea to contact Stubbs Insurance Agency as soon as possible to review your home insurance and be sure that all of your improvements are covered by your insurance policy. Talk with us today about these changes and how they might affect your insurance.