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Do I Need More Homeowners Coverage After Renovating?


Renovations can add substantial value to your home. Adding on a front porch, putting in a swimming pool, remodeling your kitchen, and other improvements can not only make your home more pleasant and comfortable to live in, but also increase its market value. After a remodeling project, it is vital to reevaluate your homeowners policy and ensure you have the right coverage at the best available rates for your newly remodeled home. Our friendly agent will be happy to assist you with the process.

While some types of renovations add value to your home and consequently increase your rates, others may qualify you for discounts and savings on the cost of homeowners insurance.

Remodeling Projects That Increase Your Need For Homeowners Insurance Coverage

The following types of renovations will increase the amount of homeowners insurance coverage you need to protect your investment in your home:

  • Remodeling existing living spaces: Many kinds of improvements can increase the value of your home, such as installing example hardwood floors or updating the kitchen. If your remodeling adds to your home’s market value, you will need to adjust your homeowners coverage accordingly.
  • Expanding living space: An addition will add value and square footage to your home. It is wise to speak to your agent about increasing your homeowners coverage before the project begins, in case of a fire or other losses before construction is complete. If the addition is for a home office, you may need to adjust both your homeowners insurance and business insurance.
  • Converting unlivable spaces to livable spaces: It is not uncommon to convert a garage, attic, or shed to living space. If you do this type of renovation, check your policy to find out if the area you are converting is already covered under your homeowners insurance. If not, you will need to increase your coverage. In the case of a converted garage, you may also need to adjust your auto insurance, as keeping your vehicle garaged may lower your car insurance rates.
  • Installing a pool: When you add a swimming pool to your home, you are adding to your liability as a homeowner. An “attractive nuisance,” such as a pool or trampoline, will increase your risk and raise your homeowners insurance rates.

Renovations That May Lower Your Homeowners Insurance Rates

Investing in certain types of improvements can lower the cost of homeowners insurance.

  • Installing safety features—such as a security system, smoke alarms, gas detectors, or shatter-proof windows—can help lower your homeowners insurance rates.
  • So can replacing an outdated HVAC system, as it may eliminate electrical hazards.
  • Updating your electrical system or plumbing can reduce the risk of fire or water damage and lower your costs.
  • Replacing your roof with durable materials can lower your risk of hail, snow, wind, and water damage, which in turn can help reduce your rates.
  • Installing a fence around your backyard or pool may also qualify you for a safety discount.

Our knowledgeable agent can help you find every available discount while ensuring you have sufficient homeowners insurance coverage to fully protect your home.

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