Homeowners remodel their homes for a number of different reasons. It could be that they’ve outgrown their current space and want to add additional square footage or maybe they want to convert a previously non-livable space, like an attic, into a livable one. Regardless, whatever improvements you do to your home, your insurance premiums are likely to be affected.
In this article, home remodeling expert DreamMaker Bath & Kitchen® of Southeast Florida explains why renovating your home could affect your home insurance premiums.
Building an Addition
Adding a new room to your house also adds more value to it. Adding more liveable square footage means there is more house to insure. Keep in mind that homeowners’ rates are largely reliant on how much it will cost to rebuild your house in the event of a disaster and more house means a higher cost to rebuild.
Renovating Existing Rooms
Renovating or updating existing rooms in your house can raise your home insurance since you will be adding more value to your home. If you are installing granite countertops or marble flooring in a bathroom remodel, for example, these are considered high-value additions and can raise your premium accordingly. The same is also true for high-end electronics and furniture as well as art.
Adding Safety Features
While renovating your house generally increases your premium, there are some home improvement projects that can actually lower your rates. Things like installing smoke alarms, shatter-proof windows, and security systems can all lower your homeowners’ rates. Replacing an outdated HVAC system as well as redoing electrical and plumbing systems may also help in lowering your insurance as it helps reduce the risk of fire and water damage.
From refacing kitchen cabinets to doing full-on bathroom remodels, no job is too big or too small for DreamMaker Bath & Kitchen of Southeast Florida! Give us a call at (561) 935-3915 or fill out our contact form to learn more about the services we offer. We serve homeowners in and around Palm Beach, Lucie, and Jupiter, FL.
