Home insurance is essentially a necessity for every homeowner, and it's likely you went and got a quote before you closed on the house. But if you have recently made changes or additions to your home, you should also be reviewing your homeowner's policy to ensure that the new addition is covered. In some cases, a new addition could even save you money. Here are some changes to your house that could lead to a change in your home insurance premium.
Adding a New Roof
Your roof is one of the most important parts of your house from a risk standpoint. A good chunk of the payouts that home insurance providers give out every year goes to fixing problems like a leaky roof. When you upgrade to a new roof, you could see your home insurance policy drop in price because the insurer knows that your home is now at less of a risk of having something bad happen to the roof.
Adding a Swimming Pool
Adding a swimming pool to your property is a great way to have some fun in the summer, but you need to make sure that home insurance provider is aware of the addition. In some cases, your premium might go up, but this is because swimming pools can increase the risk of an accident happening on your property. You still want to call and report the pool though because you don't want something bad to happen and then find out that your insurer won't cover the accident because you never told them about the pool.
Adding More Space
If you are going to knock out a wall to create more living space in the family room or kitchen, you need to make sure your insurance policy is updated to cover the additional square feet. Basically, any time you do any kind of home renovation project at all, the insurance company should be given a heads up when it's all said and done to ensure that you are fully covered.
Adding More Stuff
Finally, many homeowner's policies also cover the stuff you keep inside the house like your television or furniture. These policies usually cover up to a set dollar amount. If you recently added more things to your home after a big shopping spree and one or more of the items are "big ticket", make sure your homeowner's policy will still cover everything under your roof.
Contact a home insurance provider today for more information.
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