As winter comes to an end and spring is in the air, you might have some projects you are ready to do. Completing projects in the spring is very common for homeowners, but when you complete projects around your house, they might affect your homeowner's insurance needs. Because of this, it is always important to consider the implications and contact your insurance company to find out if you need to make adjustments to your policy due to the projects you are completing. Here are several different things you should know about the effects your spring projects may have on your homeowner's insurance needs.
You may need to increase your liability coverage
If you plan on having contractors at your house fixing things or building things, it might be wise to bump up your liability coverage on your policy. This is the coverage that would pay for injuries that occur to guests at your home, and this includes contractors. It is also wise, though, to make sure the contractors you hire have sufficient insurance policies of their own too.
If the projects you are completing will increase your risks, it is also important to increase the liability coverage with your policy. For example, installing a pool will greatly increase your risks, and you will need extra liability coverage for this. There are other projects too, that may increase your risks, and this is why you should ask an agent if you are completing any projects around your house.
You may need to increase your coverage
The second thing to understand about home projects is that they can add value to your home, which means that your current coverage might not be enough. Adding a new screened-in back porch, for example would add value to your home. If you want your policy to offer enough coverage, you might have to increase the coverage amount after completing your new projects.
You may now qualify for discounts
The other reason to do this is to see if any of the projects might help you qualify for discounts on your policy. For example, if you decide to replace your old roof, your insurance company is likely to offer you a discount for having a new roof, as this would decrease your risks of filing a claim.
Checking in with your insurance company each year is a good idea whether you will be completing projects or not. To learn more, contact a home insurance company today.