When your insurance agent calculates the estimated cost to replace your home in the event of a claim, they are basing it on the available knowledge they were given regarding the features of your home. This includes things like square footage, type of construction, location, materials used inside and out, and any special features or upgrades. What many homeowners forget is that any updates to your home need to be reflected in the reconstruction cost. Here are some crucial times to contact us to provide the updated information:
Major renovation
Whether you give your kitchen an overhaul or redo the bathrooms, these are high value areas of your home and your insurance should reflect these improvements. Contact us so we know what type of updates, materials used and what features you may have added, such as a jetted tub or granite countertops. This will ensure that if your insurance ever has to pay to replace your house, you will get those updates.
An Addition to your Home
If you add square footage to your home via an addition or install an in-ground pool (with or without a screened enclosure), let us know right away. This could have a large impact on your reconstruction cost. Remember that your insurance company will only cover permitted additions to your home, so be sure you have all the right permits on file and that everything is up to code. Even though some of these additions may not count toward the actual square footage of your home, they could impact the reconstruction cost. We would be happy to discuss the coverage for these types of additions.
New floors, New windows
Whether you replace your carpet with hardwood floors, or install new windows, doors, or other features, all of these are important to the reconstruction cost of your home.
If you are not sure if a certain upgrade or change has any bearing on your insurance, it’s always best to call us as your agent to be on the safe side. You do not want to make a claim down the road only to find out that the policy had not been updated and you do not have sufficient coverage for the improvements you have made to your home. Contact us today if you have any questions; we are happy to help you make sure your policy is up to date and as accurate as possible.