When we remodel we increase the value of our home whether it’s a single room we’ve redone or the entire home. But while we’ve updated our home with the remodel, have we updated our home owner’s insurance?
A remodel, particularly a major remodeling, usually means the replacement value of your home increases. It isn’t something we like to think about, but should you experience some kind of total loss your current policy may not completely cover it. So it is important to be sure you update your home owner’s coverage.
You should also keep in mind that if you have what is known as an Extended Replacement Coverage Endorsement it usually requires that you make your insurance company aware of changes to the value of your home. This normally means changes above a certain amount, like $5,000. You should check your policy or with your insurer for this information.
Along with the remodel of their home, many people make the additional financial commitment of adding or replacing furniture. This may require you to adjust personal property limits on your policy so the true value is covered.
The important thing to keep in mind is: do not forget your insurance. Be certain you update it when you remodel.
With the love and finances you have devoted to your home, not to mention the work you’ve put in, you want be sure your home is cared for, especially for the worst circumstances (which hopefully never occur).
As your home changes, so should your insurance.
Michael Nash Design, Build & Homes8630-A Lee Highway
Fairfax, VA 22031
Tel:(703) 641-9800 begin_of_the_skype_highlighting (703) 641-9800 end_of_the_skype_highlighting
