How to Adjust Your Condo Insurance After Major Renovations
Did you just finish a major renovation for your condo? From new flooring to a modern kitchen or even an additional room, big changes can increase your condo’s value and bring you a lot of joy. But did you know that these updates might also impact your condo insurance? Don’t worry—we’re here to guide you through the steps to make sure your insurance keeps up with these changes.
Why Do Major Renovations Affect Condo Insurance?
When you invest in major renovations, you’re not just upgrading your home—you’re also increasing its value. If something happens to your condo, like a fire or water damage, the cost to repair or replace these improvements may not be fully covered by your old insurance policy.
For example, if you’ve installed high-end finishes like marble countertops or hardwood flooring, their replacement cost will likely be higher than what your initial policy covered. This is why updating your condo insurance after a renovation is so important!
Steps to Adjust Your Condo Insurance After Renovations
1. Review Your Current Policy
Before you do anything else, take a look at your existing condo insurance policy. Note the coverage limits and what’s included. Does your policy already include upgrades or customizations you’ve made to your condo? If your renovation is significant, there’s a good chance you’ll need to increase your coverage.
2. Inform Your Insurance Company
Next, contact your insurance company and share the details of your renovation. Be sure to include information like:
- The types of upgrades (e.g., new appliances, custom cabinetry).
- The overall cost of the renovation.
This helps your insurance company evaluate whether your current policy is adequate or needs adjustment to reflect these changes.
3. Get an Updated Appraisal
A professional appraisal can confirm your condo’s new value after renovations. This is important for ensuring you carry the right amount of coverage in case of a total loss. An updated appraisal also helps your insurance company get accurate numbers for your property’s replacement cost value.
4. Consider Add-On Coverage
For high-value customization or rare materials, your standard condo insurance may not provide enough coverage. You might need specialized add-ons, such as:
- Scheduled personal property coverage for high-end appliances or expensive artwork.
- Flood or earthquake insurance, if applicable in your area, to protect your condo from natural disasters.
Understanding your options ensures you’re fully covered no matter what life throws your way.
5. Update Your Personal Liability Coverage
Renovations often change the layout or safety aspects of your condo. For instance, installing a swimming pool or updating your balcony might carry an increased risk of accidents. Updating your personal liability coverage can protect you in case someone gets hurt on your property.
6. Bundle and Save
If your renovation has increased your insurance premium, consider bundling your condo insurance with other policies, like auto or life insurance. Many insurance providers offer discounts for bundled coverage, helping you save while ensuring comprehensive protection.
Things to Keep in Mind When Adjusting Your Insurance
Consult the Condo Association
Most condo associations have a master insurance policy that covers the building and common areas. However, these policies don’t usually cover interior updates or renovations. Be sure to double-check what’s covered by the master policy to know exactly what you need.
Keep Records of Renovations
Documenting your renovations is essential. Keep receipts, contracts, and photos of the updates. This information can make the process of adjusting your insurance smoother and simpler.
Don’t Wait Too Long
Don’t postpone updating your condo insurance. The sooner you adjust your policy, the better protected you’ll be. Any delays could leave you exposed to risks if something unexpected happens.
Protect Your Condo—And Your Investment
Major renovations are an exciting step in making your condo feel more like home. But they also come with added responsibilities—like ensuring your new upgrades are properly insured. By following these steps, you can rest easy knowing your condo is fully protected.
At Insurance Company Hilliard Ohio, we specialize in making condo insurance simple and hassle-free. Whether you’re updating your current policy or starting fresh, our experts are here to help. Call us today to adjust your condo insurance and enjoy peace of mind.
