3 Home Upgrades That Will Alter Your Home Insurance Coverage

Many homeowners will purchase home insurance and then tuck their policy documents away and never look at them again until a disaster occurs and a claim needs to be reported. However, it is actually very important that you periodically review your homeowner's coverage. Take a look at the policy terms, particularly after considerable upgrades have been made to your property since additional coverage may be necessary. Keep reading to learn three different home renovations that may require an alternation to your homeowner's insurance needs.

Swimming Pool

If you have a swimming pool or hot tub installed on your property, there is a good chance that your liability coverage will need to be increased considerably. Water features are known to be inherently dangerous, and because of this, homeowners who have one on their premises need to have certain precautions in place in the event of a potential personal injury suit.

To help mitigate some of the risk that homeowners face with a water feature, home insurance providers have certain requirements that must be met prior to being willing to extend additional coverage to their clients. For instance, before homeowners are able to receive additional coverage, a fence with a locking gate may need to be installed around the perimeter of the swimming pool.

Room Addition

Adding an addition onto your home will boost the total cost of the rebuilding of your home in the event of a covered loss. Because of this, you need to perform a review of your current homeowner's insurance policy. More often than not, your existing coverage is not going to be adequate enough to rebuild your home after the addition has been completed.

Basement Apartment

When you make the decision to convert your basement or space above the garage into a small apartment for renters, you can definitely open yourself up to various sorts of liability. As a result, it will be important to add an endorsement to your policy. In addition, you will need to purchase additional rebuilding coverage since the apartment space will boost the value of your property considerably.

When it comes to adding onto your home, it is important to know that you will need to consider your homeowner's insurance or you may find yourself in a significant pickle later down the road in the event of a disaster. For more information, contact an insurance service that can help ensure you are properly covered.