insurance

5 renovations that can alter home insurance

Renovating? Remodel insurance, too
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Renovating? Remodel insurance, too © Sebastian Duda/Shutterstock.com

Renovating? Remodel insurance, too

Planning a home renovation can involve fun activities such as designing a new floor plan or picking fixtures and paint colors. Having a heart-to-heart with your home insurance carrier may not be part of your preparations. But it should be.

"A renovation may affect the value of your home or the liability issues," says Don Griffin, vice president of personal lines at the Property Casualty Insurers Association. "Anything that changes the structure or use of the property can change your policy."

Many house improvements that boost your home's value could render your home insurance coverage inadequate and leave you vulnerable to losses. Other upgrades may trigger lower premiums -- savings you don't want to miss simply because you didn't call your insurer.

"When making improvements to your house, it's a good time to have an insurance conversation to get enough coverage and possibly discounts," says Richard Hutchinson, a general manager at Progressive Insurance.

Here's how five common home upgrades or repairs can affect your homeowners insurance policy, both positively and negatively.

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