Your insurance might need to know
Making repairs and upgrades to your home can require a lot of time and planning. You want to make sure that you budget everything just right, and that you have all of your supplies before starting. You also want to troubleshoot and be prepared for anything that could go wrong. Once you feel confident in going ahead with the project, it’s generally a whirlwind of activity from start to finish.
But, what happens when these repairs or upgrades aren’t cleared through your Insurance Company? The answer to that is tricky. It really depends on the extent of the changes being made to the home. Some repairs actually lower your homeowner’s insurance by up to 20%. This could include things like a new roof, solar panels, and other things that help to improve your home. If you go ahead with all of these home improvements without first Consulting with your insurance company, then you could end up paying more on your premiums than necessary.
There are other times when you install something like a pool or a gym, and you discover that your homeowner’s insurance has dropped you all together! Some Clauses allow them to stop coverage if you break any of their rules or failed to consult them. Putting up a pool in your backyard may seem like a fantastic idea, but it can wreak havoc on your premiums. This is especially true if it’s an inground pool or one that people can easily gain access to. There are many communities and insurance policies that will actually require you to have a fence surrounding the area to prevent accidental drowning. This is a huge liability and one that you need to weigh against the cost.
Other factors can affect insurance that we may not even think about. For instance, there some dog breeds that can actually cause your insurance to go up drastically. If the animal’s considered aggressive, or if it’s over a certain size, then it may up your liability insurance. The same holds for trampolines, gyms, and other home projects that have the potential to cause issues. This can really put a damper on your plans to install that hot tub or workout room. If you’re making plans to make any major changes to your home, make sure that you contact an Arizona home insurance company before proceeding.
There are other times when your homeowner’s insurance simply becomes outdated. There may be things that need to be done to the home to update it that haven’t been accounted for. This is another reason why it’s so important to deal with a professional insurance agent. Find somebody that’s licensed in your state, and they’ll have all of the answers when it comes to the dos and don’ts of homeowner’s insurance. Each state has separate qualifications and requirements for coverage. This is why it can be very tricky to navigate the insurance policies if you are unsure of exactly what needs to be covered.
Many people find themselves grossly underinsured in the face of a disaster. Or, they see their insurance premiums on Skyrocket for no apparent reason. You need to gain a basic understanding of the kinds of insurance that you need, and exactly what they can do for your home. This way, you will know exactly what to do if something goes wrong. You also know what to plan for in the way of remodeling or home improvements. Before you even purchase the first piece of equipment or the first set of materials, make sure that the entire project has been cleared with your homeowner’s insurance company.