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| Remodel your homeowner's insurance to match your remodeling plans to stay safe! |
Quick – when was the last time you updated your homeowner’s insurance policy? Was it before you renovated your kitchen? Before you
finished your basement? Was it when you first bought your home? If you answered
yes to these kinds of questions or you don’t know, you could be in for a world
of hurt. The Equifax Finance Blog shares why in the recent article, “Renovating Your Home? Renovate Your Insurance Policy.”
With lowering home values and rising costs of construction, it’s
important to update your homeowner’s insurance policy because rebuilding after
a disaster could easily cost more than the market value of your home. Including
the costs and value of your upgrades, this means that you won’t be trying to
recover and rebuild with a fraction of the funds that you put into your home.
Renovations that need to be taken into account range from
huge ones like adding a room or changing the exterior wall construction (like
going from frame to brick) to small and middling upgrades like new kitchen countertops.
Reporting each protects your progress and gives you more to work with in the
event of tragedy, like a flood or fire.
Don’t let yourself be lulled into the idea that a disaster
can’t happen to you. Schedule a time to update your
homeowner’s insurance policy today. For more money management tips, read up on the great articles on the Equifax Finance Blog.
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