Home renovations can add significant value and appeal to any property you’ve invested in or are currently living in as a resident in Columbia, SC. However, anytime you’re undergoing home renovations, it’s important to understand how upgrade and renovation projects can directly impact your home insurance coverage. At Michael Taylor Agency, we can help you better understand the ramifications of home renovations and how to ensure your current home insurance policy is adequate.

Potential Insurance Adjustments to Consider

When you’re conducting a home renovation, such as implementing structural changes, investing in a room addition, or even building an outdoor deck or swimming pool, it’s important to consider potential insurance adjustments you’ll likely encounter, such as:

• Increased Premiums: Building onto an existing property or lot or adding new features to your home will immediately increase your home insurance premiums. It’s important to review any existing home insurance policy you have to determine how specific renovations you have in mind will directly affect the cost of your insurance policy. 
• Additional Risk: Some home renovations, such as an outdoor deck, swimming pool, or even a second-floor balcony, may also increase the risk of liability on your property. Based on the type of renovation you’re interested in, you may need to increase your homeowner’s insurance to protect against financial liability that may come with any potential accident that occurs in or around your home. 

Choosing the right home insurance coverage policy or plan is one of the most important decisions a homeowner makes. If you live in Columbia, SC, and you’re considering new home renovations, it’s highly advisable to speak with a qualified insurance agent to adjust your policy accordingly. Contact the Michael Taylor Agency today to learn more about home insurance coverage options in Columbia, SC.