You’ve got big plans for your Louisiana home – a new kitchen, a bathroom makeover, or maybe even adding a room.
Home improvement projects can breathe new life into your space and boost your property value.
But before you start swinging hammers and knocking down walls, there’s one important thing to keep in mind: your home insurance.
Why Home Insurance Matters for Renovations
Your home insurance policy protects you and your property, but it’s not a one-size-fits-all deal. Making changes to your home can shift your insurance. Here’s why you should loop in your insurance agent before kicking off any home improvement projects:
- Some renovations may require updates to your policy to maintain proper coverage.
- Certain projects could even qualify you for discounts on your premiums.
In this blog, we’ll dive into the types of renovations that can either raise or lower your home insurance premiums.
Home Improvement Projects That Can Bump Up Your Insurance Rates
Adding Square Footage
If you plan to increase your living space, such as finishing your basement, converting your attic into a bedroom, or building an addition, expect a possible bump in your insurance premiums.
Why? Because more space means more home to insure. Your insurance company will likely need to adjust your coverage to reflect your property’s increased value.
Upgrading to High-End Materials
Many of us love luxury, but installing top-of-the-line materials during your renovation could raise your insurance costs. Granite countertops and premium hardwood flooring look great but could cost more to replace, potentially raising insurance rates.
Adding a Pool or Hot Tub
There’s nothing quite like taking a dip in your own backyard pool or soaking in a hot tub after a long day. These features can be a great addition to your home, but they also carry significant liability risks.
If someone gets injured using your pool or hot tub, you could be on the hook for their medical bills. Your insurance company might increase your premiums to cover this increased risk.
Home Improvement Projects That Can Lower Your Insurance Rates
Installing Impact-Resistant Windows
Louisiana is no stranger to wild weather, from heavy rains to strong winds. Installing impact-resistant windows can help protect your home from damage during storms – and that means less risk for your insurance company.
Updating Plumbing, Heating, and Electricals
When was the last time you thought about your home’s plumbing, heating, or electrical systems? If it’s been a while, consider updating them as part of your home improvement plans.
Newer, safer systems can reduce the risk of leaks, fires, and other hazards.
Read Also: Electrical Safety Tips for Homeowners
Upgrading Your Security System
Everyone wants to feel safe in their own home, and adding security features can give you some extra peace of mind. But it could also help you save on your home insurance.
Installing stronger doors, smoke detectors, or a security system can make your home less attractive to thieves and reduce the risk of damage from fires.
Give Your Insurance Agency a Heads Up
Before you start any home improvement projects, it’s best to contact your insurance company. Remember, those improvements could change your home’s value and the coverage you need.
Review Your Coverage
Once your upgrades are done, it’s time to take another look at your home insurance policy. You might need to tweak your coverage to match the new value of your home.
Think of it like this: when your feet grow, you need bigger shoes, right? Same idea with your home insurance. As your home grows in value, you need to make sure your coverage grows with it.
Getting Home Insurance Help for Your Louisiana Home Projects
If you have any questions about how your home improvement efforts impact your insurance, our team at TSL Insurance Group is here to help.
We have offices in Lafayette, Baton Rouge, Abbeville, Franklin, and Lutcher, ready to assist you in finding the best home insurance coverage for your needs. Our Risk Advisors will review your plans and help you get the right protection at the right price.
If you’re unsure about your coverage needs or just looking for a free quote, don’t hesitate to contact us. We’re here to provide honest advice and support to protect your home and give you peace of mind.
Recent Comments