Adding a new room, garage, or finished basement increases the value of your home, and that means your existing homeowner’s insurance policy might need to be updated. If you don’t revise your policy after a renovation, you could be underinsured in the event of a claim. Most insurers recommend re-evaluating your home insurance coverage after any significant improvement to ensure it reflects the home’s new replacement cost.

Here, we’ll explore what you need to know about your homeowner’s insurance policy as you make additions to your home.

Liability Risks Can Increase

Some home additions—like a deck, swimming pool, or rental unit—introduce new liability risks. For example, a pool increases the likelihood of injury on your property, and your insurance provider may require safety features such as a locked gate or fence. You might also want to consider increasing your personal liability protection or adding an umbrella policy for extra peace of mind.

Notify Your Insurer Before Construction Begins

It’s crucial to notify your insurance company before starting construction. This ensures your property is protected during the construction period in the event of theft, vandalism, or fire. Additionally, some carriers offer endorsements or specialized coverage levels for home remodeling projects. Failure to notify your insurer could result in denied claims or complications if something goes wrong during construction.

Reach Out to Jet Stream Insurance Group LLC, Serving Miami Lakes, FL

At Jet Stream Insurance Group LLC, our team is here to assist with all your insurance needs. We’re proud to serve the Miami Lakes, FL area, and we look forward to working with you. Contact us today or visit our office to learn more about how we can help protect your home and assets.