If you are considering a home renovation, from installing new countertops in your kitchen to making an addition, it’s important to make sure that your
investment is covered. The Equifax Finance Blog explores the importance of keeping your homeowners insurance up to date in the recent article, “
Renovating Your Home? Renovate Your Insurance Policy.”
It turns out that many homes are either underinsured or the policies are not updated to match investments and improvements. If you’re one of the many who aren’t covered fully, you are putting yourself at risk – if your home were to suffer disaster, from fire to flood, you wouldn’t get full compensation for your loss. This can mean that the entire cost of a big renovation, which could be five percent or more of your home‘s value, would be lost in the calamity.
To make sure you avoid this loss, consult your
homeowners insurance provider when you’re considering a renovation. Not only will this help keep you covered, but you can even save money on your policy with certain upgrades, like improving your electrical system or replacing your roof.
For more information about how to keep yourself and your investments protected, explore the Equifax Finance Blog. While you’re there, you can also find ways to save money with retirement, real estate, taxes and more.