When you own a home, you have the freedom to make it yours — whether that’s a brand-new paint color, a wooden deck, or heated flooring. However, changes to a property directly affect the homeowners insurance policy that protects it. To anticipate these influences so that you can continue to protect your home, take a look at the following guide.

How Renovations Affect Insurance

In simplest terms, any home improvement that alters the form or function of a house can influence the homeowners insurance policy. These effects can be positive or negative. If the project raises the home’s resale value, your policy may no longer cover the entirety of your property, leaving you at risk of financial losses. On the other hand, you might make a home improvement that reduces liability, allowing you to pay lower premiums every month — but you won’t get the savings unless you alert your provider.

Examples of Home Renovations That Influence Rates

If a home improvement is focused on elevating the safety and security of the home, you might be able to lower your rates. For example, by adding an alarm system with motion sensors and cameras, the house will be less prone to break-ins and theft. Carbon monoxide and smoke detectors, shatter-proof windows, and locking privacy fences could also improve rates.

A pool might be on the wish list, but installing one comes at a price. From an insurance provider’s perspective, a pool is a safety hazard, increasing the risk of slip-and-fall accidents and accidental drowning. It’s also an attractive nuisance — meaning that if a child is trespassing on your property because they’re attracted by your pool, you’re liable for potential injuries. To keep rates under control, install a fence around the pool area and avoid installing a slide or diving board.

If you’re due for a roof replacement, a new protective covering could lower homeowners insurance premiums by up to 20%. This is because a leak-free barrier lowers the risk of condensation and mold growth in the home, which helps prevent pest infestations. A stronger roof will also reduce the risk of storm damage.

If you’re looking for a homeowners insurance policy you can count on, turn to Hamilton-Martin Insurance Agency of Louisville, KY. This independent agency is proud to provide personalized attention to all their clients, whether you’re in search of home, health, life, auto, or pet insurance. For more information on their offerings, visit the website. Call (502) 957-6500 today to request a quote.