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Updating Your Home? Insurance Coverages To Know

By January 28, 2021Home Insurance

It is the beginning of a new year, and with it come new goals and home projects. For many the Covid-19 pandemic has altered these plans and given birth to new needs.

Home office space is now crucial to those individuals who work from home. Dedicated learning areas for children and teens are needed as school remain remote. And for others the pandemic has halted plans to move into newer, bigger homes.

Perhaps 2021 is the year you finally start to finish your basement, add a patio, or add a separate building on your property (like a garage or shed).

If you hire a licensed contractor to complete your home renovation remember to always ask for a Certificate of Insurance (COI).

Insurance Coverage For Your Home Update

When updating your home it is also a good idea to update your homeowners insurance. Depending on the project you may need to increase specific coverages to fit your needs.

Most updates on a Virginia home insurance policy will be covered under Coverage A (Dwelling) and Coverage B (Other Structures).

Coverage A is the amount of insurance on your home. If your project adds a considerable cost to your home’s value then your dwelling coverage may need to be increased. Notable home updates to notify your insurance agent about include:

  • Finishing a basement
  • Adding an enclosed patio or porch
  • Attaching a garage
  • New decking
  • New home additions

Also included in this list are updates to your roof and central heating. These two items are specifically highlighted because you may be eligible for discounts and a possible lower premium as a result.

Coverage B is the amount for Other Structures. This covers structures that are detached from the main house (think detached garages, carports, storage buildings, sheds, etc.).

On a Virginia homeowners policy you automatically receive 10% of Coverage A for other structures. This comes as part of the homeowners package, so coverage is included whether you have an other structure or not, and a no cost!

Contact your insurance agent if adding an additional structure’s value is more than 10%.

Why Use An Independent Agent?

Instead of working for one insurance company, our Family of Independent Agents represent several insurance providers.

At Dove Insurance we offer in house customer service. No need to call wait on hold with insurance company. Get your insurance questions answered by experienced, local agents. No call centers. No random employees. Simple one-on-one discussions.

Dove Insurance Agency is also a Dave Ramsey Endorsed Local Provider (ELP).