Perhaps most newlywed’s (or couple’s) dream is to have a place of their own. Getting your own place does tick one of the most important boxes in your bucket list, however, there is more to owning a home: you have to improve and restore it every now and then—and this doesn’t come cheap. This is why planning comes in very handy before purchasing a home, and along with this comes acquiring the right insurance coverage for your precious abode.
Home Improvement Insurance
In a typical setting, contractors are often insured—but this only means that if any untoward incident happens to them, they are covered by their insurance policy—the house they are working on and those who live there are an entirely different story. Mass.gov answers some frequently asked questions on home improvement on their website.
Protecting the Contents of Your Home
Expensive premiums don’t always mean that they are the best options and ultimately variables like your finances and your lifestyle will determine the premiums that fit your budget, too. The best course of action when signing up for an insurance policy is to shop around first. Apart from the building itself, you might want to get the contents of your home and other valuable personal property covered in case of an unforeseen event. In Ireland, for instance, insurance companies such as Aviva have Fire Brigade Charges, Frozen Food cover, as well as a policy that covers visitor’s belongings. You need to keep in mind that these policies may differ from each state or country that you reside in.
Home Improvements Can Affect Your Insurance
There are rules to adhere to in any agreement, and your insurance policy is no exception to this rule. Before you go ahead and call a contractor or roofing specialist, make sure to check your insurance policy first or chat with your insurance agent. Changes such as home extensions greatly affect one’s insurance coverage. “Many homeowners don’t know the types of renovations that can impact their premiums. Some simple ones such as security devices, alarm systems, deadbolts or fixing your weathered roof may decrease your premiums while others, such as installing granite countertops or expensive appliances, can increase them,” shares The Prince George Citizen. This is for the sole reason that the insurance policy covers the building or establishment as how it stood when it was put in place.