When planning renovations to your Reston home, it is a good idea to chat with your home insurance carrier to see how your coverage and rates may be affected. This may not be the first thing that you think of when tackling a home improvement project, but some renovations can decrease premiums. Others require updated coverage. Here is a look at a few projects that can affect home insurance.
Reston Real Estate Improvement Projects Affect Your Premium
The biggest project that can decrease your home insurance premium is putting a new roof on your Reston home. This may not be an exciting renovation, but choosing a high quality new roof can decrease your premium because it will hold up better to storm damage. Most other projects will increase your premiums. For instance, building a pool will require an increase in liability coverage. Adding an office for a home business will also increase the premium. Additional coverage will likely need to be added or a separate business insurance policy should be purchased. This is to make sure that specialized equipment, supplies and inventory, and clients are protected in your home.
A few other improvements to your Reston real estate will also require an increase in coverage. These include adding more square footage and upgrading kitchens and bathrooms. If you add more square footage, even if it is simply finishing the basement or utilizing an attic, the new space will need to be taken into account for insurance coverage. It is also important to update coverage after a major bathroom or kitchen renovation. If you spend $30,000 for new cabinets, granite countertops, new flooring, and new appliances, you want to make sure that these new items would be replaced if disaster struck. Your home insurance policy should match your home. Update the policy after any major renovation and it is also good to chat with your agent yearly to discuss coverage.