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Learning About Car Insurance

Hello, my name is Cliff Bolton. Welcome to my site about vehicle insurance. I wanted to learn all I could about insurance before I started driving to go into the decision-making process with ease. Once I started exploring the insurance industry, however, I could not stop reading. I learned all I needed to know to obtain car insurance and much, much more. I created this site to share this knowledge with my readers. I hope to help others tackle this important decision without worry. Please feel free to drop by daily to learn new information about this important topic. Thank you for visiting my site.


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Learning About Car Insurance

Why Home Insurance Risks Change During Renovation

by June Peterson

A renovation project exposes your home insurance company to higher risks than it normally has. Below are some of the reasons for such heightened risks.

Increased Risk of Injury

A renovation interferes with the natural order of things and introduces some dangerous elements into your home. For example, there might be wet (oil or water) patches on the ground that can cause slip and fall accidents. Tools and equipment from the builders can also cause your visitors to trip and fall. Even materials, such as utility knives or nails, can cause injuries. The increases risk of injury elevates our liability exposure.

Increased Risk of Damage

The risk of damage to your house also increased during the renovation period. Accidental damage to electrical wiring can trigger an electrical fire. Accidental damage to a plumbing pipe can cause water damage. Heavy machinery can roll and damage your siding. A tree branched being removed call fall on and damage the roof. These are only a few examples; there are many other potential causes of damage during a renovation.

Increased Risk of Theft

A renovation project can also expose you to a higher risk of theft in more ways than one. For example, a renovation exposes your house to many people, some of whom may have bad intentions. A renovation that involves knocking down the walls or fence allows passersby to get a good view of your home and its contents, which might attract thieves.

Increased Contents Value

The renovation can also affect your home insurance by increasing the value of the contents of your home. This includes both the temporary and permanent value of your home's contents. For example, the materials and equipment used in the construction increase the content's value temporarily. An expansion or remodel of the home, however, can increase the value of your home's contents in the long term. For example, a new home cinema with a state-of-the-art entertainment system can be quiet expensive.

Increased Home Value

Lastly, a renovation can also increase the value of your house's structure. The addition of intricate designs or expensive roofing materials increases the reconstruction cost of your house. For example, installing a new kitchen or swimming pool increases the value of the home.

Considering the above issues, it makes sense to inform your home insurance company before you undertake major renovation projects. In fact, many insurance carriers make it a requirement. Depending on your policy and circumstances, you may have to increase your coverage to cover the heightened risks.

For more information about homeowner's insurance, contact a company like Gulf Coast Insurance.