Do You Need to Tell Your Insurance Company About Exterior Renovations?

Oct 24, 2022Blog

Your home’s exterior has a significant impact on its market value. It is the first thing buyers see when searching for a property to buy. Therefore, you want to ensure that your home’s exterior is always in top shape.

In the last few years, homeowners have spent much time and money on home improvement projects. Moreover, many will continue making exterior renovations moving forward to increase the value of their homes.

However, exterior renovations always require adjustments to your home’s insurance. So should you inform your insurer about exterior home renovations? Find out more below.

You can contact Revive Restoration for exterior repair or replacement. We will provide an estimate and projected restoration timeline.

Do you need to alert your insurer about exterior renovations?

Lovely Asian couple meets with their house insurer agent

Any major alterations to your house, whether interior or exterior, may alter your home insurance coverage. So yes, you should tell your insurer about your exterior home renovations before you get started.

Why? Exterior home renovations actively change your home from when it used to be when you bought your home insurance policy. This means your home’s value might change as well. Therefore, you want to notify your insurance provider before and after your exterior home improvements.

You might ask the insurer whether or not you need to update your coverage after the exterior makeover.

Furthermore, home insurance policies protect your home (and personal belongings) against loss or damage from unexpected events. However, exterior renovations will not count as an unexpected event.

Here’s some information your insurer will want to know about your exterior renovation project:

  • How long will the renovation take
  • Your builder’s details
  • Whether or not your contractor has a liability coverage
  • Projected costs
  • Whether or not you’ll be staying at the house during the renovations

What exterior renovations do you need to inform your home insurer about?

Not all renovations will influence your home’s value and insurance coverage. For instance, your insurer doesn’t need to know about cosmetic changes to your home’s exterior, like painting the walls.

However, modifications that affect the structure of your building will influence its value. Therefore, your home insurance company needs to know about such projects. This includes;

Adding square footage to your home

Your family has grown big, and your current house can’t accommodate you comfortably. So, you’re considering adding square footage to your home to accommodate your extended family. It’s a common exterior renovation among those with families.

But before you increase your home’s finished footprint, discuss it with your home insurance company. This is because your home’s value will increase, and so will your insurance coverage. Therefore, you’ll need to update your home insurance to match the current value of your home after the renovations.

Creating new outdoor activities

Exciting outdoor activities in your backyard allow you and your family to bond and create life’s best memories. But to enjoy all the fun, you must update your backyard to include powerful features like a swimming pool, trampoline, water slide, or bouncing castle.

However, such features increase your home’s value, affecting your home’s insurance. Sometimes, you may need to increase your coverage and pay more premiums for the new additions.

Moreover, these outdoor features/amenities are considered “attractive nuisances,” meaning they attract children’s attention while posing a safety risk. The items grow your liability risk, hiking your home insurance rates.

Adding an office for a home business

Whether you’re working remotely or want to start your business, having a dedicated office space can be rewarding.

But do you know that adding a simple, well-designed structure to call a home office can raise your home’s value and your homeowner’s insurance rates? This is why you must inform your home insurance company before setting up an office in your compound.

Furthermore, most homeowners insurance policies do not cover liability related to businesses. Therefore, you may need to boost your existing policy or purchase an additional business policy.

Replacing or renovating your roof

Exterior Renovation - Roof repair and renovation

A roof is one of the essential parts of your house as it shields you and your family against the elements.

A roof renovation or replacement means your home is better protected with fresh materials. In addition, if the new roof offers special loss mitigation measures, you will likely get bigger discounts from your home insurer.

You might earn significant discounts on your homeowner’s insurance if you live in wind, hurricane, or hail-prone areas.

Furthermore, you should only use a licensed and insured contractor like Revive Restoration for your exterior home renovations. We offer storm damage repair, gutter installation, solar roofing insulation, and roofing services.

So, if you’re curious whether you have a damaged roof or need to replace your siding, we are here to help. Contact us for a free inspection and estimate.

Ready for your Home Renovations?

If you’re considering giving your home’s exterior a new face, you must inform your home insurance company about the modifications. While not all exterior renovations will require the attention of your home insurer, those that affect your building’s structure will influence your coverage.

For instance, if you’re adding square footage, building a swimming pool, or renovating your roof, you must inform your insurer. Some exterior renovations will raise your insurance rates, while others lower your premiums.

In need of exterior home repair? Reach out to us for an estimate and projected restoration timeline.