Starting a home improvement project is exciting, but it can expensive. Home projects involve the cost of construction, labor and job materials. On top of that, improvements and additions can also cost homeowners even more in insurance.
Some examples of projects that may increase homeowners’ insurance premiums include installing a pool, hot tub or even a trampoline. While these home and property additions are fun, there are other home improvements that can actually save money and lower insurance premiums. These projects include a new roof and making plumbing, electrical, and heating or cool system updates.
Choosing a home improvement project that is enjoyable versus practical can be difficult. When it comes down to it, choose a home improvement project that increases the safety and efficiency of your home. It will pay for itself in the long run.
Here are some “Do’s” and “Don’ts” for home renovation projects.
Home Renovation Do’s
- Do repair or install a new roof when needed. Never underestimate the importance of taking care of “the roof over your head.”
- Do make upgrades, improvements, and regular maintenance to your heating/cooling system, such as your central air system.
- Do upgrade the electrical in your home, including the electrical box that sits outside of your home. This is especially important for older homes. Upgrading your electrical can help you avoid fires.
- Do upgrade the plumbing in your home. Pay close attention to areas that are prone to leaks, like sinks. Taking care of your plumbing can avoid leaks that can damage your home’s interior, your furniture, and other important belongings.
- Do-It-Yourselfers, do wear safety equipment. Hard hats, gloves, and goggles are key when attempting a home renovation project.
- Do ask for help. Seek advice from others who have done similar projects.
- Do upgrade old appliances for new, higher efficiency models. Check your stove, fridge and washer/dryer.
- Do enjoy it. Home improvement can be rewarding.
- Do create a plan for your project.
Home Renovation Don’ts
- Don’t attempt a project you’re not comfortable with.
- Don’t start a home renovation project without a budget and a plan.
- Don’t work with a contractor who is unlicensed.
- Don’t begin a home renovation project without first discussing it with your insurance company. You will be surprised how much a project can impact your insurance premiums!
- Don’t waste time and money. Create a plan and stick with it.
One of the best things you can do to save money while making home improvements is to choose the home renovation projects that make your home safe and more efficient. These can reduce your insurance premiums and increase your return on investment. Also, making sure you have the proper coverage can save you time and money down the road. Get a free quote on any of our products today!
If you have questions regarding a home renovation project and if you’re concerned about how this will impact your insurance premiums, call Synergy Insurance to speak with a licensed agent today. While you’re reviewing your current homeowners insurance, check out our Home Insurance Claims eBook, filled with real-life scenarios and whether or not they would be covered with a basic home insurance policy. Click the image to get started!