2020…A Year of Rising Home Values and Renovations!…Many of you may have added a home office or enhanced your outdoor entertainment area. If your home value has gone up due to specific renovations made, your homeowners insurance policy can be affected. Making sure you have enough coverage in the event you need to submit a claim for the recovery of that improvement is a must!
Not all renovations are equal, so here is a list of a few that could make a difference in the cost of your policy. Some will cause for an increase or decrease in coverage depending on the upgrade. If still unsure about other improvements, contact your current insurance company and they can offer guidance. Keep your most expensive investment protected!
1. Renovating your roof / decrease
2. Bulding a pool / increase
3. Adding an office for a home business / increase
4. Expanding your space / increase
5. Upgrading your kitchen / increase
If you want to discuss current market trends and rates of return for a home sale, contact me at 732-995-5609 / NJHomesbyRoslyn.com
Source: “5 Renovations That Can Impace Your Homeowers Insurance” Mike Know / Bankrate.com (May 27, 2020)