How do home improvements affect my insurance policy?
By now, it’s common knowledge that building supply inventory has been extremely low the past year and a half, while costs have been HIGH! This is, in part, due to the increased demand which was created with the influx of DIY home-projects and upgrades consumers undertook during the Covid-shut down. It’s important to remember that home improvement projects not only have an upfront expense, but also increase the value of your home as well as the Replacement Cost.
What is Replacement Cost? This is the amount of money it would take to rebuild your home after being destroyed. Coverage at this price will insure your home for the cost to repair any damage or even rebuild your home at current prices.
It is very important to make sure your home/property is properly valued on your policy so you have the correct coverage! So, if you have made improvements to your home be sure to reach out to your insurance agent and inform them so they can make the necessary adjustments to your policy!
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