This year, more and more individuals spent time at home, perhaps looking at outdated kitchens and walls in need of fresh coats of paint.
According to a 2020 Home Renovation Consumer Survey, 62 percent of Americans are planning a home renovation project this year. About one-third said they will do the work themselves.
How will a home renovation project affect homeowners insurance? Some home renovation projects, such as an addition or a kitchen renovation, can increase the amount of insurance needed to rebuild the home in case of fire or tornado.
If you had an outdated kitchen and did a major renovation that included state-of-the-art appliances, granite countertops, and new cabinets, the cost to rebuild your home in case of a fire or tornado could increase the cost to rebuild your home. Will your current homeowners insurance be enough?
You should speak with your insurance agent before beginning a major renovation project to determine if you will need to increase your coverage.
If your plan is to remove some wallpaper and repaint the walls, this likely won’t increase rebuilding costs. However, even minor renovations such as adding an expensive chandelier in the dining room could change your insurance needs.
Call E. R. Munro and Company at 1-877-376-8676 to see if your home renovation project is covered by your current homeowners insurance.
