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February 24, 2025
Agency

Home Renovations That May Impact Your Homeowners Insurance

As a homeowner, you may often have dreams of upgrading your property and adding exciting new elements to your daily life. Renovations are a common and exciting venture for you and your family, but they often represent sizable financial investments and may affect your perceived risk profile. At AeroMex Insurance, our team is prepared to help you understand how particular home renovations may impact your coverage.

5 Common Renovations and How They Can Impact Coverage

There’s no shortage of aspirations you may have for your home. While all renovations and homes may be unique, you can generally expect certain coverage-related implications. Consider the following:

1. Interior upgrades—Homeowners frequently enjoy upgrading existing parts of their home, such as their kitchens, bathrooms or basements. However, doing so can significantly increase the value of your home. This typically increases the estimated rebuild cost of your residence and may therefore increase your premiums.

2. Roof replacement—Your roof is among the most vulnerable parts of your home. Rain, wind and wildlife may constantly test your roof, and even slight weaknesses or isolated cracks can quickly amount to costly losses. Upgrading your roof may reduce your perceived risk profile and lower insurance costs.

3. New features—Swimming pools, playground equipment and gazebos can all be enjoyable and impressive additions to your home. However, these elements may also entail their own risks, as attractive nuisances and increased value typically require greater coverage, potentially leading to higher rates.

4. Home-based businesses—Renovations to help house a home-based business may be increasingly appealing in the digital age. However, you should be aware that standard home insurance may not cover property used for commercial purposes or liabilities arising from business functions. As such, you should explore other coverage options to ensure you remain financially protected.

5. Security upgrades—Enhancing your home’s physical protections can garner advantageous insurance rates. Consider purchasing a security system to deter thieves and vandals or install smart smoke alarms and fire suppression systems.

Regardless of your renovation plans, be sure to discuss them with your current insurance agent to ensure you maintain appropriate coverage. Renovating your home without notifying your carrier can leave you underinsured and potentially lead to the cancelation of coverage or expensive out-of-pocket losses.

We’re Here to Help

Contact AeroMex Insurance, Texas, today to learn more or compare personalized quotes for ideal coverage.

 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information. 

Categories: Blog, Home Insurance

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