Understanding the Impact of Renovations on Homeowners Insurance Costs
Monday, 13 May 2024, 23:00
Factors Affecting Homeowners Insurance Costs
When you purchase a home, you need to consider various additional expenses, including homeowners insurance. The cost of insurance is influenced by the type of property you own and its location.
Renovations Driving Premium Increases
- Installing a swimming pool: This can raise insurance costs due to increased property value and potential liabilities.
- Putting on an addition: Added square footage can lead to higher premiums as it increases the cost to rebuild your home.
- Finishing a basement: Enhancing your property's value by finishing a basement may result in elevated insurance expenses.
Contact your insurer before starting renovations to understand how they may impact your premium rates.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.