If you are a homeowner who plans to make some amendments to your home or change the dynamics of your home, you need to ensure that you take time to discuss your plans with a home insurance agent. You do not want to make the mistake that some homeowners make when they assume that making amendments to their homes will raise their property value. Some amendments can lower property values. There are also some changes that can cause insurance rates to go up. The following points represent a few changes you might experience in life as well as a few lifestyle changes that could occur. These changes need to be discussed with your home insurance agent.
Getting a Tenant
During today's times, it is understandable that individuals want to secure extra income. Homeowners who have extra rooms or basements that they are not using might be tempted to get one or more tenants. Those with more than one home might decide to rent their spare homes. In either case, the insurance company needs to be aware that you and your family are not the only ones living in a home. You might bear the burden for any damage caused by the tenant including water damage, personal injury, or a house fire.
Getting a Home Office
This is another example of how modern-day homeowners are making money in entrepreneurial ways. A home office allows individuals to provide a variety of services from the comfort of their homes. Changes might need to be made to policies when the home business endeavor requires purchasing office equipment. If the home office will be added on as a remodeling project, this will also need to be reported. By reporting these things, homeowners can ensure that they are protected against theft and property damage.
Getting an Upgraded Roofing Material
Homes with asphalt shingles will require a roof replacement at some point. Homeowners have the option to replace their existing shingles with the same material or explore the option of upgrading to a new material such as metal roofing. Reporting this positive change could result in lower premiums because metal roofing is more durable than asphalt shingles.
A home insurance agent is a good resource to use to understand more about how upgrades and lifestyle changes can impact your insurance premiums. It is possible to discuss these things before proceeding with your plans. Your agent might also be able to research ways for you to save on your insurance policy. Bundling different types of insurance is one option for potential savings.
Contact a local home insurance provider to get started.