When you remodel part of your home or invest in property improvements, the last thing you probably think about is notifying your insurance carrier. The fact is that any improvements or significant modifications to your property can affect your homeowner's insurance and the potential for coverage in the event of a loss. In fact, there are a few common situations when you should call your home insurance carrier right away.
Did you replace your roof?
The age and condition of your home's roof factor into the premiums for your insurance policy as well as your property's replacement value. If you replace the roof, it's important to call your homeowner's insurance agency and let them know. They might need to send an appraiser out to assess the new roof to adjust your policy accordingly.
Have you built an addition?
As your family grows, your home can grow with it. Building an addition gives you increased living space to help accommodate a growing family. It also alters the replacement value of your home. You'll need to call your insurance carrier if you've built an addition to your home. They will have to add the additional square footage to your policy summary so that you have coverage in case something happens. Otherwise, that section of your home may be excluded in the event of a loss.
Are you adding a swimming pool?
Swimming pools come with increased liability risks for homeowners. If you're installing a pool in your backyard, it's in your best interest to notify your insurance carrier. The swimming pool affects your liability risk, which will affect your policy premiums. In addition, if the pool is not listed on your policy, you may not receive coverage for any claims associated with it. It's important to ensure that your homeowner's coverage is as comprehensive as possible for that reason.
Is there a new alarm system in your house?
Installing a new alarm system improves your home security, especially if that system is connected to a dispatch service. The service can notify emergency services on your behalf if the alarm is activated for any reason. Since the dispatch service reduces the emergency services response time with rapid notification, you might save money on your home insurance with an added security discount after the system is installed.
Talk with your homeowner's insurance carrier today about any other elements that could alter your coverage or premiums. The more you understand about your policy, the easier it is to tell when you need to reach out about changes.