If you think buying your own house was the biggest accomplishment of your life, then you must rethink and contemplate about the future of your house, i.e. when you will remodel it. Nowadays, remodeling your house has become as significant as buying it. Whether you consider the cost, the hard work you put in, the various options you have to go through, the quotes that you need to scrutinize and the patience you need to have before the final outcome is before you, everything is equivalent to the efforts that you put in while buying the house.
The only thing that many of you miss while remodeling your house is modifying your home insurance plan.
Why is changing your home insurance plan important while remodeling your house?
It is essential that you inform your home insurer
about the renovation that you have planned for your house. Your existing home insurance policy will only provide coverage for the old design of your home. You might add a room in the house or change the roof, the flooring, the area of your home while remodeling it, which is bound to affect the coverage provided by your existing home insurance policy.
Also, with the improvements and additions you do to your house while remodeling, it is very likely that the valuation of your house goes up. Thus, the cost of your premium will also change, and so the insurance policy also needs amendments.
If you do not enhance the coverage of your home insurance plan
after the renovation, you might have to bear many of the expenses from out of your pocket, in case you file a claim.
A home insurance policy covers the structure as well as the contents of your house. You might enhance the look and feel of your house by adding some expensive appliances, furniture or any other valuable products while renovating your home. Your existing policy will, thus, have to be modified to accommodate the coverage for these new contents.
What should you do while planning the remodeling process?
You should keep in mind the following points once you decide to renovate your house:
- Consider changing your home insurance policy with the renovation.
- Inform your insurer once the plan for remodeling is ready.
- Make an informed decision about the changes in home insurance policy by either visiting the website of the insurer or talking to an insurance agent.
- You should check out the various add-ons that you might want to add to your policy for enhancing the coverage.
- Keep with you the proof of change/improvement of your house by clicking appropriate pictures.
Remember to have a proper insurance in place when you plan the remodeling of your house, so that there are no financial setbacks due to any unforeseen events. You can enjoy a fancy makeover for your home without any worries with an upgraded home insurance plan.
Visit our website to know more about the features, benefits, coverages, inclusions and exclusions of our Home Insurance Plan