Have You Remodeled Your Home? Why Your Home Insurance May No Longer Provide The Cover You Need

When you first became a homeowner, your mortgage lender may have been involved in a lot of your decisions regarding home remodelling and landscaping. When you take on a big loan like a mortgage, the lender often wants to be sure you aren’t doing anything that could be detrimental to the value of your home. If you had bought the house as a ‘doer upper’ or project, you might have had to detail quite a lot of the intended works to your lender before they agreed your loan.

Mortgage companies are under more pressure than ever to protect their borrowers and themselves. This means that changing mortgages because of a remodel could be hard for you too. Any changes you have made to the property will probably need to be surveyed by the mortgage lender to ensure they are up to standard. There are very few lenders who would release your loan without seeing the details of your home insurance too.

Every household is unique, so your insurance policy should be bespoke to your circumstances. Home insurance brokers can offer you a bespoke policy if your insurance is due to lapse. Take the time to detail all of your possessions if you would like the contents of your house covered too. Use the receipts to confirm the value of items you own.

When you remodel or make other household changes, your policy may no longer be suitable. If you get a new pet, this can affect your policy if they bite. You may get some new jewelry for your birthday, but it may not automatically be covered if it is a high-value item. Let your insurance company know about your renovations or other changes straight away. If you haven’t told them, they may reject any claim you need to make.

There are many reasons why you may need to claim on your insurance policy. Bad weather may cause damage. You may be the victim of a burglary. If something did happen to your home, you would need somewhere to stay until you could return. While it sounds obvious, this level of cover is an add-on or extra for many standard policies. Make sure you are covered for everything you have added for your remodel too. Additional windows and doors should have locks that meet insurance industry standards.

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Thanks to Flickr for this house photo

When a home is remodeled, the value of the property can rise. Get a new valuation, so you can let your insurance company know what it is worth now. If you have redesigned your kitchen, you may also have bought some new gadgets. Send photocopies of the receipts to your insurer so they can be covered. Your insurer may also need to know if the square footage of your home has changed. You can get cover for your landscaping and plants too. Now you have invested so much time and money improving your home, make sure you have adequate insurance cover to protect it.

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