Renovations are a great way to enhance a home's look, comfort, and functionality. However, it is important to also note that renovations often change the structure or dynamic of a property. For this reason, certain renovation projects should be followed up with a call to your homeowner's insurance company to see if an update to your policy is required.

Home Expansion Projects

Home renovation projects that increase the size of a home should always be addressed with your insurance provider. Often, an increase in size will also prompt an increase in value. If the valuation of your home has not been updated and you sustain a loss, you could be left with insufficient coverage to rebuild your house just as it was before. Let the insurance company run the numbers to see if an update is required. Updates to the materials in your home, such as upgraded countertops, should also be addressed for a valuation increase.

Home Protection Updates

You also want to contact the insurance company if you make any updates to your home that boost safety. These updates could include a monitored, wired security system, the addition of sprinklers, or emergency-service-connected fire alarms. These updates help minimize the level of damage in events such as a break-in or fire, which might help you lower your insurance premium.

Office Suite Additions

If the office suite addition is for a business you own, you must let the insurance company know about this update. This step is important because the insurance company will deem this area an office space, not a residential one. As a result, in the event of a loss, all the items inside the office deemed to be a part of the business will not be covered. You will need to inquire about adding in-home business coverage.

Exterior Updates

All sizeable updates to a home's exterior also matter, including a swimming pool installation, fence upgrade, or new shed. Typically, these structures are covered under the other structures component of your policy. Other structures' coverage is based on a set amount, so you must ensure that the cost to rebuild these structures is accurately reflected. Remember that for a major exterior update, such as a swimming pool, it might also be necessary to increase liability limits or add an umbrella policy to cover yourself if someone is injured. 

Contact a local insurance company to learn more about updating your homeowner's insurance.