Here at First Florida Underwriters Inc, one of the questions that we are often asked is whether your home insurance policy should be changed after home renovations are made. Here is how we answer this question.
Following home renovations, we strongly encourage those insured by us to consider changing their policy. First, you should have an appraisal done on your home to determine the estimate value of your home. Following renovations, you may have significantly increased the value of your home. If your policy is not updated, it may not reflect these changes and you could be paid out less than your home is worth. Home insurance does not pay what your home is worth if your home is worth more than the limits on your policy.
Secondly, we strongly suggest letting your insurer know what renovations you have made. If you have replaced old carpet with new carpet, there may not be a huge discrepancy with the insurance company as long as you retain the receipt. But if you ripped out old carpet and laid down slate tiles, you have changed the materials used in the home, which may cause affect any money you receive if something were to happen to your home. As such, you want to ensure that the insurance company knows what materials are used in your home so you can be properly compensated if the flooring is damaged, the countertops are damaged or if your home winds up being a total loss.
If you have made renovations to your home, now may be a great time to look into changing your home insurance policy. If you are looking to obtain a new policy, contact First Florida Underwriters Inc today for a free quote for home insurance.