Have You Made Any Changes In Your Home? Inform Your Insurer

30 Aug

Happy Family — Lakeland, FL — Family Insurance Centers

If you plan to make changes in your home, you might want to inform your insurance company. For your safety and peace of mind, you need to know that you’re paying for the right type of insurance and at a fair price.

Although some home upgrades can increase your home’s value, they could end up affecting your insurance terms. Other improvements may result in the undervaluation of your home and might make things more complicated. Discover four home changes to inform your insurance company about.

1. A New Home Office 

Running your business from home is a great way to save on recurrent operational costs. However, you might need to install new equipment in your new workspace that won’t be included in your existing home insurance cover.

Also, you may not have protection from business-related liabilities, especially if you have many people visiting your new home office. For example, if you offer private yoga classes, your policy might not protect you against possible theft or destruction of property by clients who come in for lessons.

First inform your insurance company so they can make changes to your existing policy or offer you a complementary cover to protect you from such liabilities.

2. A Roof Replacement 

As a homeowner, you may want to replace your roof to give your home a modern look or fix an already damaged roof. Regardless of your reason, a roof replacement will often lower the likelihood of experiencing problems such as leaks and structural damage to your home.

Luckily, depending on your choice of insurer, you might qualify for premium discounts once you replace your roof. For example, if you install a new roof with stronger structural quality, you could end up paying less in insurance premiums. The risk of structural damage from hail and leaks is lower with a stronger roof.

However, your new roof might also increase your overall home value. You should ask your insurance provider to redo their initial valuation to determine if you need extra coverage for your home.

3.  A Live-in Tenant 

If you decide to rent out your home permanently or short-term, your insurance provider needs to be aware. Your insurer will probably ask for the tenant’s details beforehand so they can update the policy. If your insurance provider isn’t aware of anyone other than you living in your home, you could open yourself up to certain risks.

However, some insurers will attach a clause on the agreement that nullifies the policy once you decide to rent out your property. Before renting out your property, make sure that you’re conversant with the arrangement you have with your insurance company. By consulting with your provider, you’ll have the proper knowledge on how to protect yourself from risks that come with renting out your property.  

4.  A New Pool

Although having a new pool can significantly increase your home’s value, the pool can also be an added risk in general insurance terms. People swimming in the pool may accidentally get hurt, either by slipping, falling, or drowning. Therefore, you’ll need to inform your insurance company for them to revise your initial policy before getting a pool.

You may have to enforce safety measures to reduce the likelihood of pool accidents before your insurer can accommodate the change. Such measures could include:

  • Adding motion-detecting systems to warn trespassers
  • Installing a lock fence around the pool
  • Covering the pool when there’s no activity
  • Removing potential hazards including the diving board

Before you build a new pool, first ask your insurer whether your current policy is enough for the new upgrade. If not, you may have to come to an agreement that accommodates both parties.

Before you make any changes in your home, first consult with your insurance agent to know how the changes might affect your cover. But if you’re unsure about your insurance policy constraints, feel free to contact Family Insurance Centers today.