Thinking about a Home Renovation?

March 14, 2024

It’s not surprising that more homeowners are choosing to renovate their homes rather than move. With over 50% of houses in the US built before 1980, there’s a significant portion of the housing stock that may be in need of updates or renovations to meet contemporary standards and preferences. This aging housing stock combined with the evolving tastes and needs of homeowners has contributed to the escalating trend of home renovations.

Homeowners save and invest in home improvements for a number of reasons. Expansion as family size grows, a fixer-upper project for the DIY-enthusiast and also the in less exciting, but still necessary projects that are born out of regular upkeep and repairs (from age, weather and good old-fashioned living).

While most homeowners contact their insurance agent when buying a home, and then again when renewal time comes around it is rare that the homeowners think about making the call during planned renovations. However, underinsurance, loss or lapse in coverage among other risks, during home improvement projects, are a common oversight that people make at the onset of their projects.

It is important that any plans for significant improvements around the home be shared with your carrier or via your Agent to ensure your home is covered properly and in the most beneficial way to protect you and your family while undergoing your renovation. As homeowners and insurance carriers continue to experience climate-related challenges throughout the US, it is beneficial to be as informed about ways the insurance carriers might limit their liability during these more chaotic times. Please let us know when you are considering repairs around your home so we can work together as your Trusted Advisors to help properly insure your project and home. Contact us today.