From starting a business at home to changing your roof, there are specific changes that you should definitely share with your insurance company. In so doing, you will receive the appropriate home insurance coverage, which will affect your rate. Your risk level could be affected by the changes you make to your home and that is one of the main reasons for having your current policy reexamined by an insurer like Smith Insurance Agency of West Virginia in Kingwood, WV.
If you fail to share those changes with your insurer, then it could result in denied claims, which you may subsequently file. It could also lead to a canceled policy later on. Therefore, it is always ideal to choose full disclosure. If you plan to make changes in the home, or you have made changes and you haven’t shared this information with your insurer, you should contact them right away. What kind of changes are we talking about?
The changes below could affect your policy:
- Going on extended vacations
- Obtaining a hot tub or installing a pool
- Making a significant purchase to install in the home such as collectibles, expensive jewelry, or fine artwork
- Installing a new water heater or heating system
- Paying off your mortgage in full
- Changing your marital status from single to married
- Starting a business in your home
The first major change to report is doing a roof overall. At any point in time, your roof can suffer damages due to mold, leaks in the ceiling, and sometimes, structural damages in other areas of the home. It is recommended that you get the roof inspected regularly and replaced when it is necessary. This would reduce the risk of having to make certain insurance claims and filing fewer claims could greatly reduce your monthly premium.
If you plan to undergo any type of major renovation in the home such as replacing carpets and painting the walls, it might not have any impact on your premium nor will it compromise your insurance coverage. However, if you plan to move out of the home while it is undergoing renovations, you could see special changes to your coverage. You need to speak to the insurance company providing coverage so you know about these potential changes to the policy ahead of time.
Partial Renting of the Home
If you plan to rent a part of the home; whether it is short-term or long-term, you should report this to the insurer. It is possible that you would have to modify your existing policy or consider obtaining a landlord policy so you are fully protected. Smith Insurance Agency of West Virginia in Kingwood, WV can provide answers to your questions and concerns.