Wasim Bux is from the personal insurance provider, iGO4. Here, he discusses five home renovations, about which you’ll need to tell your home insurance provider.
Renovating can be a great way to add some extra value to your home and give you and your family a better living situation, as well as a more enjoyable house to come back to. But, when taking on a big or complex renovation project, it can easy to get caught up and forget that these can alter your home insurance premiums.
Renovations that decrease the risk of things like accidents, robberies and weather-related damage may lower your premium, while changes that increase the chances of these occurring will raise it. So, if you’ve got big plans in the pipeline, you’ll need to tell your insurance provider about them. Read on to find out what this can include.
Although a fun addition to your home and a way to potentially add value, having a swimming pool can increase the cost of your insurance premium. When you’re planning for a renovation involving adding a pool in your home, it’s vital that you inform your insurers so that they can adjust your policy accordingly.
While it might not be the most exciting home improvement to make, the quality of your roof can dictate how susceptible it is to weather-related damage and leaks.
The materials used for your roof can also affect your insurance premium. Metal and clay tiles tend to last longer than other types of shingle roofing. However, to save even more money, you should regularly get a professional to examine your roof and get any issues repaired as quickly as possible.
When undergoing a major home renovation, like a new kitchen, you might have to do some re-wiring. There’s no doubt you’ll need to let your home insurance providers know about an adjustment like this. If your home is old and you’ve not made any changes yourself, it’s likely that the wiring will be outdated and need replacing as well.
Be sure to let your provider know when you’re planning an uphaul that’ll involve re-wiring.
If you’ve decided that your family needs some more space, altering the size of any part of your home will need to be reported to your home insurance provider. The initial quote for your cover is likely to need readjusting to cater for the extra square footage of space. Additionally, having increased room can present more opportunity for things to go wrong, mainly if any contractual work is faulty or low quality.
Having a full list of what you’ll be getting done and the cost of these can help you to get a more accurate and updated quote for your insurance premium. So, even if you think this renovation will raise your premiums, it’s essential that you discuss this with your insurer.
Kitchen and bathroom upgrades
When renovating these relatively high traffic zones, you’ll typically trade out your current fixtures, fittings and flooring for updated materials and models, which may affect your premium. This is because insurers will need to cover themselves for the added value to your home.
When it comes to bathrooms, this might even include updating the plumbing from older models into new technologies.
Getting your home renovated can be a fun and exciting time, however, be aware that for all renovations (no matter how small or large) your home insurance provider will need to be notified.