Remodeling a Home?

Real Estate Agent with Platinum Realty, LLC KS# BR00012805

New versus Remodeling, some thoughts to consider!Remodeling

Sometimes you just like the neighborhood you live in, you really like most everything about your home other than you want a sunroom, or an extra bedroom, updated kitchen and bathrooms, etc...

Well when you get the project completed, you might forget about something that could cost you more later, increasing the value of your homeowner's policy. 

I'm not any different than anyone else, I don't like paying more than I need to for the insurance on my home, but if you have replacement cost coverage and want to be able to repair you home if a disaster occurs, you are required to have coverage at 80% of the value of your home.

So, here are some questions you can use to determine if you have adequate coverage.

  • What is the replacement value of your home, not the market value.
  • Have you made any significant changes in your home?  Major upgrades are a given, but remodeling the basement, upgrading fixtures, adding expensive wall finishes, window covering and landscaping can add value.
  • Have you taken a home inventory?  It's a good idea to take a video camera and just walk around your home creating a video of everything you can think of.  Talk about the significance of the furnishing and other items.  You should even take out jewelry and lay it out on a black cloth and video it as well.
  • Have you recently purchase valuable fine art, precious metals, jewelry, computer equipment, furs, etc...?  More than $1,000 may be considered "scheduled" items and could require a separate rider.
  • Have you started a home based business?  Enough said here.
  • Have you purchased a home safe?  This may qualify for a reduction in your rates.  Call your agent.
  • Have you installed an alarm system?  This is so easy today with wireless, again, could provide you a discount on your rates.
  • Combining your home and auto policies with the same company also provides you a discount.  This discount could also help with other members of your family if they live at your home.

My best to you!

David L. Britt, MBA
Olathe, Kansas
David L. Britt Real Estate

Heritage Real Estate
The Heritage Real Estate Team
Olathe Neighbors 


Guiding You HOME!

Comments (8)

I have remodeled 4 homes of my own.  You have posted some very useful information.  Keep em coming!
Sep 13, 2007 04:44 PM
Marlene Bridges
Village Real Estate Services, Inc. - Laguna Hills, CA
Laguna Homes|Laguna Condos|Laguna Real Estate
David - Very good advice.  Updating after making home improvements could easily be overlooked in the hubbub of getting the work done.
Sep 14, 2007 03:20 AM
Jolynne Photography, Creative Wedding Photography, Family Portraits, Bar Mitzvahs
Jolynne Photography - Hemet, CA
Bat Mitzvahs, Senior Pictures, Event Photography

We had a break in and didn't have the inventory thing down.  We lost some items that we couldn't document.  Your reminder is a good one..thanks.

btw - We got an alarm system...this really helps you recover after a break-in.  That can really destroy your trust for a while.

Sep 14, 2007 03:28 PM
David L. Britt
Platinum Realty, LLC - Olathe, KS

Janna, thank you!  I will do my best!

Sep 15, 2007 02:18 PM
David L. Britt
Platinum Realty, LLC - Olathe, KS

Marlene, thank you as well, I think the biggest thing we can advise our clients on is making a video tape of their personal property.  Too often this is overlooked.  Thanks again!

Sep 15, 2007 02:19 PM
David L. Britt
Platinum Realty, LLC - Olathe, KS
Joey, sorry to hear you had a break in, hopefully you won't have to experience that again!  My best to you!
Sep 15, 2007 02:20 PM
Kimberly Grant
Exit Leon Crawford Realty - Huntsville, AL
Real Estate Agent - Huntsville Alabama
Great post David!!  I'm glad I saw this because I got some great points out of this.  I did not know the home safe could qualify for a rate reduction.  Thank you for sharing.
Sep 15, 2007 02:55 PM
David L. Britt
Platinum Realty, LLC - Olathe, KS
Kimberly, thank you and thanks for commenting!  My best to you!
Sep 15, 2007 03:29 PM