As a homeowner, the last thing you ever want is to renovate or rebuild your house due to a disaster. Sadly, this is the reality for many people every year. Whether the result of a fire, tornado, hurricane, massive flood, or something else, a situation like this is disheartening, especially if you lose most, if not all of your possessions.
Although devastating, this is a prime example of why it’s imperative to have the right type of homeowner’s insurance. With great coverage, you can choose to renovate or rebuild instead of ending up with nothing. Although many insurers have excellent policies, Progressive homeowner’s insurance stands out.
Does a Policy Change?
Even with a sturdy homeowner’s insurance plan, such as one from Progressive homeowner’s insurance, the policy could change if you have to renovate or rebuild due to damage. Most companies work hard to resolve issues quickly so the policyholder can move on with putting the pieces of their life back together. Good coverage would also include paid accommodations for a set period so you and your family would have a place to stay during the renovation or rebuilding process.
As for future premiums, an insurance company can increase them if a policyholder files a claim. However, if it’s the first one you’ve ever filed and you’ve been a good customer with a particular insurer for some time, that might not happen. This is why going with something like Progressive homeowner’s insurance is beneficial. This insurer does everything possible to keep coverage high and premiums low, regardless of the circumstances.
Renovations That Can Affect a Policy
In saying all that, you need to understand that certain types of renovations or rebuilding projects can impact your policy, whether associated with a disaster or not. If you make changes that enhance your home’s value, you’d need to bump up your insurance protection, which means higher premiums.
Keep in mind that if you need to rebuild because of damage, your insurer will do whatever it can to make things easy for you. In this scenario, the insurer might not raise your premiums. However, that’s always a possibility, whether you have Progression homeowner’s insurance or not.
If you want to renovate your home, you’d need to have its value reassessed when complete. Again, that would probably increase its value, so you’d need to increase your coverage as well. That way, if you ever face a disaster, you have the right type and amount of protection based on the new calculations.
The following are some examples of things that might require an update to your Progressive homeowner’s insurance policy if you do home renovations.
- Add On – Adding on an entirely new addition to your home.
- Kitchen Renovation – Completely overhauling your current kitchen would significantly increase the property’s value.
- Roof Replacement – The same thing applies when having a new roof installed.
Of all your assets, your house is the biggest one. So, it’s wise to have your agent do a periodic assessment to ensure you have the correct type and amount of coverage. That way, you don’t have to worry if you’re ever faced with rebuilding due to a disaster.