Homeowners Insurance - Remodeling Your Policy After Renovating Your Home
Your hardwood floors are in, your granite countertops are shining, and your new appliances are running with high-tech efficiency. You have finished your home remodel at last. Or have you?
If you recently completed a major renovation, odds are you're not only basking in the beauty of your remodeled home, but you're also enjoying a substantial increase in the value of your property. The results are in: Remodeling magazine's 2006 "Cost vs. Value Report" indicates the job cost for a major kitchen remodel averages $54,241. The boost to a home's resale value varies by location, ranging between $38,884 and $58,004. Nationally, homeowners are recouping fully 80% of kitchen remodeling costs at resale.
The benefits of renovating your home make the expense an intelligent investment, but protecting that investment is paramount. That's why you should consider remodeling your homeowners insurance as well.
Renovations often result in homeowners insurance coverage shortfalls in two areas: dwelling protection-which involves structural improvements to your home-and personal property protection. Build-in enhancements such as new windows, doors, custom cabinets, granite countertops, bars, islands, and flooring need to be brought to the attention of your insurance agent. You also should discuss any major personal property purchases, including appliances, furnishings, and decorator curtains and blinds.
When insuring personal property-especially appliances and electronics-check to see that your policy covers replacement value of your property, rather than the actual cash value. The actual cash value consists of the replacement cost of an item less the amount it may have depreciated. Appliances and electronics depreciate quickly. The amount your homeowners insurance will pay for a depreciated item usually is not enough to replace it with a new one. Unless you enjoy cruising the thrift stores, you should opt for replacement value. That way you can shop at Circuit City instead of the Salvation Army.
Keeping your homeowners insurance agent in the loop is a good practice in general, but a major remodel should prompt an immediate conversation. If something happens tomorrow, you want to make sure your homeowner's insurance will replace what you have today-not what you had yesterday.
Source: Free Articles from ArticlesFactory.com
Related Tags: remodeling, insurance, policy, home, your, renovating, homeowners, after
Bradley Steffens is the author of twenty books, coauthor of seven, and editor of the 2004 anthology, The Free Speech Movement. His Giants (2005) won the San Diego Book Award for Best Young Adult Nonfiction. His most recent book is, Ibn al-Haytham: First Scientist, a biography of the medieval Arab scholar Alhazen.
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- The Secrets to Getting Low Down Payment Car Insurance
Upon purchase of a new car, there is almost always a requirement to buy an auto insurance policy as - The Wisdom Behind Auto Insurance Comparison Quotes
No one in his right mind would not go for a good deal. In fact, everyone is out on their feet and ru - The Benefits of Auto Insurance Comparisons Florida
Insurance can be expensive. This is something everyone knows about especially in the sunny state of - Auto Insurance Florida: The No-Fault Policy
There are different kinds of car insurance offered by a wide range of providers today. Different sta - Finding the Cheapest Auto Insurance Companies
Everyone is asking and searching for the cheapest auto insurance companies available today. Consider - How do You Compare Private Health Insurance Cover in Australia?
Deciding what is the best and most affordable private health insurance cover can be easy if you take - How Payment Protection Insurance Was Mis-Sold
For over six years the issue of Payment Protection Insurance (PPI) and how it was mis-sold to custom - Finding Quotes For Auto Insurance Online
One of the many concerns when you are shopping for auto insurance is being able to get access to quo - How You Can Find the Best Auto Insurance Online
When it comes to renewing your car insurance you are going to quickly discover that there are a numb - Guidelines For Searching For Auto Insurance Online
The internet can be a great source of discounts and values related to auto insurance. However, many
Most viewed articles in this category:
- Trading Forex With Pivot Points
Forex Pivot Point Trading are used today by Forex Traders and are calculated on the previous days mo - Where To Search For Free Grants
Where do you look for free grants? The search must be thorough or it could be an exercise in futilit - The Connection Between High Blood Pressure and Salt
We are a society of Salt Addicts. It cannot be denied. When you look at the things we do and the pla - Tips For Avoiding HYIP Scams
Before knowing about HYIP Scams, refer to the functioning of HYIP or "High Yield Investment Programs - Getting Credit After Bankruptcy
Consumers do not have to live sans credit following a bankruptcy. By following certain steps consume - Tips For Choosing A Credit Card
Are you looking for that perfect credit card? If so, you may be confused about what exactly to look - Cheap Car Insurance For Teens Online
Many elements determine a car insurance policy. Car insurance companies look at the person's age, hi - What Exactly Is Free Grant Money?
You can apply for free grant money from various government agencies. But where exactly does this mon - Small Business Owners Marketing and Customer Service
Marketing can be time-consuming, but it doesn't have to be hugely expensive now, thanks to the Inter - Apply Online For A Credit Card - How To Choose A Card?
The best type of credit card for you will be dependant on how you intend to use the credit card. Are
