Building a deck or new fence? Adding a pool? Or sprucing up the kitchen? Spring's a great time to give your home or yard a facelift. Just remember to follow up with a review of your homeowners insurance.
Adding new features can affect your homeowners policy in several ways.
1) Substantial renovations or additions could affect the overall value of the home. Make sure your insurance reflects the true value in case of significant damage or total loss.
2) Specific additions may increase your risk for liability for injury to another person. Make sure your policy covers you for this additional risk.
3. Certain additions, for example a trampoline in your yard, may be excluded from coverage. You may need to obtain a new rider to cover the addition, or purchase additional separate insurance.
Any increase in premiums due to remodeling will likely be offset by the added enjoyment and increased value of your home. Still, it can help to have your insurance agent review your springtime renovation plans to give you a heads up on potential consequences.
Cook, Disharoon & Greathouse can assist Oakland, California-area residents with all your home and personal liability insurance needs. To learn more, contact us.
