Renovations, particularly ones carried out in your home’s basement, can significantly impact the type of home insurance coverage you require. Prior to updating your existing policy, consider the following guidelines to ensure complete coverage.
Insurance Coverage Increase
The key reason to augment your home insurance coverage is to protect the added value of basement renovations adequately. Given that new materials and features may alter your home’s functionality, it’s prudent to ensure the renovated space and any new additions are protected against unexpected damage.
Account for Loose Purchases
Evaluate all loose items you have purchased for your renovated space, including furniture, media equipment, decorations, and more. Recording the accumulated cost of these items assists in assessing the value of items to be added to your insurance policy. If available, receipts for your purchases can provide this assessment’s accurate basis.
Incorporate Structural Materials
Remember to consider the structural materials installed during the renovation. Assessment should cover added elements such as windows, doors, moldings, wall panels, and other materials that enhance the living space. All these structural elements can be incorporated into your home insurance policy for complete coverage.
Electrical and Plumbing Systems
Inspect the new electrical and plumbing systems incorporated into your basement. It is important to add these new elements to your current home insurance policy. Your contractor should be able to provide a detailed invoice listing the investment made in these upgraded systems.
Consult with an Insurance Expert
Bringing an insurance agent into the picture is a wise final step. Schedule a consultation with a Rancho Del Sur Insurance Services Inc. representative, which serves the San Diego, CA area. At Rancho Del Sur Insurance Services Inc., we are dedicated to addressing all your insurance needs and preparing updated home insurance documents tailored to your revised coverage needs.
