Home projects and renovations improve your house’s resale value. Yet, an increased value could make you prone to higher risks that cause an increase in insurance premiums. On the flip side, other renovations allow you to qualify for lower premiums. This blog curates six home projects that increase or reduce your insurance premiums.

1. Deck Construction

A deck is a significant improvement that boosts your property’s value. As a result, your current policy limits may not be enough to cover the repair cost in the event of damage. Thus, you should raise your liability or property coverage to coincide with your home’s increased value.

A deck also escalates the chances of personal injuries. This is especially true if your deck is on a higher story. Since your home insurance may have to cover victims of injuries that result from your deck, your premiums will rise.

2. Swimming Pool Construction

Some insurance policies consider a swimming pool an attractive liability. The reason is that a swimming pool may increase your home’s popularity and risk. So, you have to adjust your coverage amount to include the value of your swimming pool.

The chances of accidents also increase when people play around or swim in your pool. Even riskier is when your swimming pool has a slide or diving board. Victims could hold you accountable for personal injuries, even if you are not at fault. So, you will have to pay more for liabilities coverage. The added premium also helps pay for defense if someone sues you for swimming pool injuries.

3. Window Replacement

Window replacements can solve a problem that causes damage to home components, which will result in lower insurance costs. For instance, frequent shattered glass from weather elements costs your insurance company a lot in repairs. So, if you solve the problem, you attract discounts from your insurers.

Some beneficial window upgrades if you live in windy areas are shutter glasses and impact-resistant glass. Such window updates could earn you a 10 to 15% discount. Often, the benefits only apply if you live in a wind-prone location.

4. New Roof Installation

A bad roof is vulnerable to damage from harsh conditions. Some roof problems, such as leaks, can also destroy your home’s interior and cost your insurers more in repairs. A roof renovation protects your walls and interior surfaces and reduces your insurance premiums.

Often, most insurances discount you for roof repairs or replacements. You get a discount courtesy of a reinforced roof and materials resistant to leaks and harsh weather. You stand to get even more significant discounts if you live in an area prone to storms and install a roof with loss mitigation features.

5. Security System Installation

Security features protect your home from theft, property damage, and other eventualities. Once you secure your home, your premises become less risky to insurers. The increased safety and lower vulnerability reduce your insurance premiums.

Many companies offer a discount directly proportional to your security system’s complexity. Examples of security systems are features that notify emergency services of threats, burglar alarms, and door sensors.

6. Kitchen Upgrade

A kitchen upgrade increases your home’s value. The case is especially true if you get high-quality surfaces, floors, or appliances. So your insurance premiums also rise to cover the enhanced value or remodel of your kitchen in case a disaster happens.

Kitchen renovation can also mean an upgrade of your electrical and plumbing systems. Such improvements earlier reduce the chances of fire and flood. Then, the lower risk translates to discounts.

Call your insurance company to learn about the possible impacts of home renovations on your premiums. Failure to update your insurers means your insurance policy will not cover the extra features. Contact Family Insurance Centers if you still want to learn more about the effect of home projects on your premiums. You can also access agents to guide you on insurance policies at cost-friendly prices.