Remodeling your Bloomfield, NJ home will impact your home insurance. Some projects can lower your rates while others may increase your premium due to your home requiring more coverage. By discussing your renovation plans with an agent from E.S.T.I.R. Inc., you’ll have a better idea of how to adjust your policy to include remodeling projects. Here are a few ways renovation projects can affect your home insurance.
Raise Home Value
Major home renovations involving your kitchen or bathrooms can raise the value of your Bloomfield, NJ home, especially if you use costly materials in your project. Depending on your current home coverage, you may need to increase the limit of your dwelling insurance to safeguard your property against damage or loss. You’ll also need to add renovations to your coverage so they’ll be protected by your policy.
Increase Property Coverage
If you bought new furniture or high-end electronics as part of your remodeling, you may need to expand your property insurance to cover these items. Sometimes the value of costly items exceeds the limits of a standard home policy, requiring that you purchase extra insurance to protect these goods from theft or harm.
If you’re storing expensive carpentry tools and supplies in your garage while working on DIY projects, make sure they’re protected by your property insurance coverage. You should also review your liability coverage to ensure any handyman friends who are helping you on your project are protected against accidents.
Remodeling projects can increase or decrease your home insurance costs. Projects that enhance safety like a new roof or plumbing system could help reduce home insurance costs. In contrast, adding a pool to your home can increase your premium due to the risk of pool accidents.
For help in purchasing or updating your home insurance in Bloomfield, NJ, contact us at E.S.T.I.R. Inc.