Every property owner needs the right homeowners insurance policy. Homes are a valuable asset, and having the right protection in place can protect property owners from catastrophic financial loss if a covered disaster occurs.
Sometimes, homeowners will buy insurance coverage and then decide to make upgrades or renovations to their homes. In these circumstances, it’s important to modify home insurance coverage as needed.
Here’s why homeowners should let their insurers know ASAP if changes are made to their property.
Home upgrades or renovations can change premium costs
Homeowners should alert their insurer to upgrades and renovations made to their home. In some cases, the changes they make to their property could affect their insurance premiums favorably.
Say, for example, a homeowner puts a new roof on the property or upgrades to hurricane-resistant windows. Either of these upgrades could reduce the risk of losses occurring. As a