Best Homeowners Insurance for a Finished Renovation or Alteration (2024)

Are you considering a major renovation or alteration to your home? It’s crucial to understand how this can impact your homeowners insurance coverage.

In our comprehensive guide on “Homeowners Insurance After a Major Renovation or Alteration,” we delve into the key topics you need to know.

We’ll explore the importance of updating your policy, the potential coverage gaps that may arise, and the factors insurers consider when adjusting your rates.

Additionally, we’ll provide invaluable tips on how to ensure your renovated or altered home remains adequately protected.  Enter your zip code now to compare quotes from top insurance providers and safeguard your investment with confidence.

 

If you are plannin1g to make changes to your home or undergo renovations, considering the best home insurance is crucial to keep in mind as well. Notify the insurance company ahead of time that you plan to make changes, and how they will affect home’s value. By conforming to the requests of the insurance company, you can eliminate the possibility of having a future claim denied.

Unless you are a licensed contractor, do not perform the work yourself. Many insurance companies will only provide coverage for work that is done professionally. It may not be a difficult task for you to add on a new room, but the work could be all for naught if your insurance company refuses to extend coverage to the new addition.

Take pictures or make videos of the work area before you begin, and maintain a running series of updates as the work progresses. If you are able to document exactly what was used and how the work was done, you will be in a much better position to have a future claimed honored and the damage repaired to the post-construction condition.

Keep in mind that the work you have done will affect your insurance premiums. Home insurance is typically based on the square footage of the home as well as its condition and current market value. It is also important to note that improving the home far above the base value of other homes in the area will not necessarily increase your home value.

Once the work is complete, take a new home inventory which includes any furnishings you are putting into the new room, or itemizing the alterations you have made. Submit the home inventory to your insurance along with a request to increase the coverage for the new value of the home. Be prepared to negotiate, but you do not have to blindly accept the first offer your insurance company makes. If you are unable to reach a mutual agreement with your insurance company, you do have the right to shop around for a different carrier.

Case Studies: Best Homeowners Insurance for a Finished Renovation or Alteration

Case Study 1: Secure Home Insurance

Mr. and Mrs. Thompson recently completed an extensive renovation on their home, including adding a new wing and upgrading the plumbing and electrical systems. They were looking for an insurance provider that would protect their investment and provide coverage for the enhanced features of their property. After thorough research, they decided to go with Secure Home Insurance due to its reputation for tailored coverage options and excellent customer service.

Case Study 2: RenovationGuard Insurance

Ms. Johnson, a homeowner who had recently finished a basement renovation, was concerned about potential damage or loss to her newly added living space. She wanted an insurance policy that would cover the renovated area specifically and provide comprehensive protection. After comparing various options, she chose RenovationGuard Insurance, a company known for its specialized coverage for finished renovations and alterations.

Case Study 3: AlterSure Home Insurance

The Smith family had just completed an alteration project in their home by adding a solar energy system. They were searching for an insurance provider that offered coverage for alternative energy installations. Their research led them to AlterSure Home Insurance, which stood out for its comprehensive policies that included coverage for renewable energy enhancements and specialized risk assessment.

Case Study 4: Elite Renovation Coverage

Mr. Jenkins, a homeowner who had recently completed an upscale kitchen renovation, wanted an insurance policy that would adequately protect his investment in high-end appliances, countertops, and fixtures. After considering various options, he opted for Elite Renovation Coverage, an insurance company renowned for its extensive coverage of luxury renovations and alterations.

Case Study 5: Enhanced Home Protection

The Johnsons had recently completed an extensive renovation on their historical home, including restoring the original architecture and adding advanced security systems. They needed an insurance provider that recognized the value of their property’s unique features and provided tailored coverage. They found the perfect match in Enhanced Home Protection, an insurance company specializing in historical homes and offering comprehensive coverage for restoration and security upgrades.

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