When we first wrote your Homeowners policy, the extensive questions and information we gathered from you were designed to assure your coverage was specifically-tailored to your insurance needs. As time goes by, it’s common for a home owner to upgrade their residence. Such activities are normal, but all Homeowners insurance companies require an insured notify their agent of such improvements to assure current limits of coverage reflect the correct values to rebuild or repair that home in the event of a covered loss. Examples of improvements to a home that should be brought to our attention include:
- Addition of solar panels
- Replacement of laminate counter tops with granite or other stone surfaces
- Replacement of a composition roof with architectural shingles, or tile of any type
- Switching laminate flooring to hardwood or stone materials such as marble, etc.
- New, upgraded cabinets in kitchens or bathrooms
- Room Additions or garage conversions.
As a guideline, if your home’s value increases by 5% or more due to physical changes you make to its size or appearance, notify your agent and provide details of the improvements.
Yes, this will likely increase your premium a little, but failure to do so has the potential to cost you thousands or tens of thousands of dollars because your home was under-insured.
Randy Brown is an agent for McDowall and Keeney Insurance, 865 Howe Ave, Sacramento, CA. He can be reached at 916-567-3233, or via e-mail at firstname.lastname@example.org . He specializes in rental dwellings and apartments and welcomes your questions on these and other personal and commercial insurance topics.
McDowall and Keeney Insurance Associates family has been delivering results since 1922. Our goal is to provide both a superior customer experience and tremendous value for our customers.
McDowall and Keeney Insurance
865 Howe Avenue
Sacramento, CA 95825