Insurance policies can get quite expensive if you don’t compare home insurance options at the time of buying a policy, but there are also several other general factors that affect insurance premiums. As it happens, remodelling/repairs is one of them and the choices you make while renovating or even decorating your property can have a significant impact on your home insurance prices.
How Can Renovations or Remodelling Projects Affect Home Insurance?
To put it simply, if an insurance company feels that the customer buying the policy has taken enough precautions to protect their property from being affected by potential hazards such as storms, heavy rain, snowing, etc. it also means to them that their chances of having to compensate the client heavily for covered incidents are low.
It is a matter of simple business tactics; the lower the risks are of an insured property coming under predictable harm, the lower the premium will be. Therefore, if the remodelling work you are about to commence on increases the safety of your home, you could pay less for home insurance.
During the building stage, you may require self build insurance, which is a form of house insurance aimed at new build houses or house that are undergoing extensive renovation. Self build projects are on the upward trend and self build insurance will provide you with cover during the building stages.
How Do You Know You are Being Charged Fairly for Home Insurance?
If you have already taken steps to reinforce the relevant safety of your home, your premium rates should be much lower than what it would be for others without those intelligent measures in place, but how do you know that you are actually getting a fair deal? The only way to know is to compare home insurance providers, their coverage, different policies, premiums, special discounts and specific quotes after you have let them know about the kind of steps you have taken to protect your home from possible dangers.
Quotezone.co.uk provides a unified platform to pit all top home insurance providers and their quotes against each other so that homeowners can compare their respective options for home insurance policies, premiums, coverages and more. If you can see and compare home insurance policies and quotes from one single online platform, it puts you at an advantage, making it easy to choose the best option.
Which Remodelling and Renovation Projects are Ideal for Lowering the Price of Home Insurance?
Now that we have discussed the concept at work here, it is time to get down to the specifics. The measures listed below are all proven to make home insurance more affordable or significantly more expensive, but you will have to choose or refrain with your property’s particular location, weather conditions, etc. in mind.
- A new reinforced roof with storm straps, stronger shingles and waterproofing can lower insurance costs by as much as 20%
- Add a pool to your home and see your insurance prices skyrocket by a significant margin!
- A newly built home office that increases footfall in your household, alongside heavy machinery and/or inventory will increase your insurance costs
- Kitchen/bathroom remodels and expansion of living area will increase the cost of insurance coverage
- Improved weather-proofing projects on the exteriors of your home, done with brick veneer, vinyl siding or wood siding will lower the price of premiums
In case you are not sure about whether a particular project will boost or lower your home insurance costs, it’s best to discuss it with your insurance agent directly. It could very well be possible to get a better deal by discussing and negotiating with your provider, in light of the planned renovation.