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Remodel and Then Insure the New Home

Jun 10, 2008
The importance behind notifying your insurance company about your home's remodeling is that it quickly adds to a home's value. Incase you fail to update your home insurance company, your policy may not provide you insurance coverage for such improvements. If ever you install home safety upgrades along with your home remodeling, better notify your agent immediately because you may qualify for a discount. Upgrades can leave to home insurance savings. If you have not purchased yet a home insurance policy that automatically increases your coverage on an annual basis because of home value raises around your area, you have to adjust your level of coverage to match the value of your home.

If you don't have a home inventory yet, you better consider having one especially if you have been living in your home for a long time already. You can start at one room at a time. Partial inventory is better than having no inventory at all. Note down every item you see in a room and try to get the serial numbers for big items and their corresponding prices. There will be items in which their prices might have depreciated like appliances but there will be items in which values are more likely to increase such as jewelries, antiques and the likes. You could insure these items separately so better ask your insurance agent about it and see if your current home insurance policy covers these valuables satisfactorily.

Around 43, 000 people are approximately injured in and around swimming pools every year and 300 people drown in backyard pools. With this, the insurance company will make a greater liability if you own a pool. But there are also some companies that will still cover you even if you own a pool so it is important if you disclose this to your insurance agent or company. Homeowner insurance nevertheless will not raise your rates if you have safety features for your pool like a gate around it. And others may not want to insure your home if your pool has a diving board or slides. It really depends on the homeowners insurance policy so it's very advisable to shop around first.

If you have a dog, it is very important to be honest with your home insurance company. Homeowners and renter's insurance policies normally cover dog bite liability. Insurers may charge more or even deny your application depending on the breed of the dog which determines the breed's general reputation. If you lie about this in your insurance agent, the claim could be denied. Incase you get a dog after you got your insurance policy, better make sure to notify your company. It's either the claim will be approved or denied. Some companies may increase the insurance rate for the new addition to your insurance coverage.

Identify theft is when someone uses your personal identifying information (your name, credit card number, Social Security number) without your permission in illegal activities or crimes. And Identify Theft Insurance provides reimbursement to victims of fraud and such crimes to help them restore their identity and repair credit reports. The reimbursement also includes lost wages, administrative expenses and even attorney fees. But of course, there is a specified and stated amount for this. Nowadays, homeowners insurance includes Identify theft as a part of the policy. While there are some companies who sell it as a stand alone policy or sometimes, as an endorsement to a homeowner's insurance policy.
About the Author
Jon Caldwell is a professional content manager. Much of his articles can be found at http://homeinsurancereferences.com
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