Making Changes? Check Your Homeowners Policy

Real Estate Agent with Keller Williams Realty at the Lakes

Renovating your home is no small investment. Making structural changes can require changes in your home’s insurance policy as well. Check out this list of the most popular improvements before calling your agent: 

  • A new roof could lower your premium, especially when upgraded to the latest standards of protecting your home from natural disasters. 
  • Whenever you increase square footage by way of a home addition, your policy will need to be upgraded, increasing your premium. 
  • Converting already-existing space into a master suite or a media room may not require changes to the policy if the square footage is already covered, but since the replacement value has changed, it would be wise to increase your coverage. 
  • When making upgrades to your home, whether using top-quality building materials for a renovation or finishes or installing state-of-the-art appliances in the kitchen, increasing your policy’s replacement value for these items would be worth the additional amount in the premium. 
  • Improving home systems, i.e., the electrical or plumbing, can lower your premiums, as upgrades can make your home safer from incidents relating to fire and leaking pipes. 
  • Installing a pool or hot tub in your backyard will add to the replacement value of your home, and liability coverage will need to be increased to protect yourself in case of any accidents. 
  • According to Safewise, adding a home security system could lower your homeowner’s premium by 20%.   
  • Depending on how they are mounted, adding solar panels may require a policy of their own, which would add to your budget.  

Protecting your home should be top priority, but it is wise to be prepared for anything that will add to your monthly budget. Schedule a meeting with your insurance agent before beginning any changes in your home so there will be no surprises when your payments increase. 

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Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Photo credit: universal property 

Comments (4)

Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Some good thoughts for people thinking of remodeling or adding on. All should be done with proper permitting as well.

Aug 23, 2022 10:51 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em:

Happy Taco Tuesday! Enjoyed your Blog this morning.  Make it a great day. 

Aug 23, 2022 11:10 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Aug 29, 2022 03:14 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information.   Thanks for sharing and enjoy your day!

Oct 13, 2022 06:35 AM