Home Renovations Your Home Insurance Provider Should Know About
Pool and Trampoline
Lets get the bad news out of the way first. Swimming pools and trampolines are incredibly fun additions to anyone’s backyard. However, they are also the only items on the list that may cause home insurance premiums to go up. The presence of a swimming pool creates liability risks including accidental drowning, injury, and property damage. Many insurance companies will require a fence around the pool amongst other precautions. Trampolines carry a similar risk since they are essentially used to launch people into the air. Before getting that trampoline or pool of your dreams, remember to consult your insurance company so that you’re properly covered.
Investing in a new or updated roof is a great choice to lower your chances of making a claim. This is especially true to those in older houses. Many insurers won’t insure you at all if your roof needs updating. A new and improved roof helps reduce the risk of both weather and structural damage which will then lower your chances of making a claim.
The electrical wiring of a house is a huge factor for insurance companies. The wiring of an older house is considered a huge risk. Many older homes have knob/tube wiring rather than ground wire and old-fashioned fuses rather than circuit breakers. Many insurance companies will not provide coverage if knob and tube wiring is present in the home. Older, out-of-date wiring could possibly lead to electrical fires. Eliminate that risk by making sure your wiring is up to code and no older than 25 years.
Installing a centrally monitored alarm system in your house can be pricey but it is a good investment to lower your premiums and ensure the safety of your family. Insurance brokers know that any robber trying to break into your house will be immediately scared off by an alarm system. Your family, house, and possessions will be safer.
Indoor sprinklers are a considerable investment but if you can afford the initial cost, you will be rewarded with long-term savings on your home insurance premiums. Between smoke alarms and indoor sprinklers, it’ll be nearly impossible for a fire to truly get out of hand in your home. That kind of low-risk scenario is an insurance providers ideal risk.
Every Other Renovation
Yep, that’s right. You should consult your insurance broker before any and every home renovation. If a house is under construction, you may not be completely covered by your current plan. Any change to your home will likely lead to a change in your home insurance so always consult your insurance professional before and after any renovations. If you are hiring a contractor to do the renovations for you, make sure that he or she is also insured. Ask to see copies of their liability certificate displaying your address.
Source: Insurance Hotline.com