Three Renovations That Can Impact Your Homeowner’s Insurance

Renovating your Bloomfield, NJ home is an extremely exciting event, as you get the chance to customize your home based on your personality and preferences. However, before you get started with the renovation, you need to take a few things into consideration. This includes how the renovations may affect your homeowner’s insurance. This is where E.S.T.I.R. Inc. comes in. We can help ensure you are adequately covered moving forward. 

Adding an Addition

Additional space is necessary for a number of instances, such as for a business venture or a new member of the family. When you add a room to your home, the square footage of the house will increase. The same is true of the replacement value of the property.

As a result, if a disaster were to strike, your home insurance policy would need to have already been updated with this new addition. This ensures that the full value of your property is taken into consideration.

Replacing the Roof

While it can be rather expensive to undergo a roof replacement project, it may be able to help you save on your insurance premiums. A new roof will offer more structural integrity and protection against the elements. The updated roof is likely to hold up better in the event of a fire, inclement weather, or other peril.

Because the roof is improved, your insurance company needs to know to ensure the proper value of the home is accounted for and to offer potential discounts for the renovation.

Installing a Pool

Swimming pools can offer relaxation, entertainment, and more. However, insurance companies view them as a liability risk. This is because you are likely to be financially responsible for expenses incurred as a result of someone injuring themselves while utilizing your swimming pool.

Therefore, it is important to speak to your insurance agent to find out what kind of impact a swimming pool can have on your home insurance. 

If you plan on partaking in any home renovations in Bloomfield, NJ, speak to an agent at E.S.T.I.R. Inc. for assistance in adjusting your home insurance policy.