Expensive home upgrades undoubtedly have an effect on a home’s resale value. They may also impact a home’s insurance value, no matter how costly the renovation. It is important to let your insurer know prior to making improvements, so that unforeseen circumstances, such as a fire or robbery, are covered during the renovation. Not sure which upgrades are worth the policy adjustment? These four upgrades commonly result in altered home insurance policies.
A home-based business – If your main source of income comes from a home-based business, what will happen to it if your home is compromised? Most homeowner policies only cover up to $2,500 in equipment compensation, so it may be wise to add an endorsement or rider to your existing policy.
A new roof – Because roofs fall victim to most weather-related damages, they offer the greatest discount on your premium. When you install a new roof, your premium may decrease 10 to 20 percent, depending on your insurance company. To ensure the discount is applied to your policy, be prepared to present documentation from your contractor stating that the new roof is up to code.
A new pool – Pools create numerous opportunities for lawsuits, so from an insurer’s perspective, they are one of the riskiest upgrades to make. Because of this, insurers may require up to $500,000 in liability coverage and security measures such as locks and fences. Your homeowner’s insurance will need an additional adjustment to cover the value of the pool, as well.
An addition – Your insurance company must be notified any time you increase the living space in your home, to compensate for the added value. Specific additions, such as a finished basement, may need water coverage to protect from flooding or landlord coverage if the space will be rented.
Source: Bankrate
Reprinted with permission from RISMedia. ©2014. All rights reserved.
Debbie Woolard Group
(757) 288-0194
www.DebbieWoolard.com
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Our focus is helping people find and exchange dream homes. We are seeking buyers and sellers that desire concierge level service including great communication, extraordinary representation and a continuing relationship for years to come.
You and your referrals will be provided with a great team of professionals to help with each step of the process. We are committed and passionate about negotiating the best possible terms and serving our clients at the highest level. Our goal is to create memorable real estate experiences where our clients become raving fans.
Our clients benefit by having a Certified Negotiation Expert on their side. This provides them with better results, a smoother process and greater satisfaction.
Whether a person is looking to buy or sell a starter home or a multi-million dollar estate, Debbie Woolard produces great results for her clients. She gives clients what they expect and deserve, an experienced realtor skilled in marketing and negotiations.
With Debbie Woolard, you will receive personal service as well as exceptional professionalism. She is well qualified for her work with her strong background of sales and marketing. Having been born here and continuously living in the area, she is familiar with the entire Hampton Roads region.
She has earned the professional designations of Certified Negotiation Expert, Certified Residential Specialist, and e-Pro. In addition she is also a Short Sale and Foreclosure Resource with extensive training in short sales and foreclosures. This uniquely positions her to help those in danger of losing their home to foreclosure. It has also proven to be beneficial to the buyers that are seeking to purchase a short sale or foreclosure.
She is well qualified to help professionals, business owners, military personnel and other clients with their real estate needs. She has been selected to work with both the Military Team and Relocation Team. She is consistently producing outstanding results in real estate.
Her first year in real estate she was awarded Listing Rookie of the Year as well as Sales Rookie of the Year. Her sales and loyal following of satisfied clients have grown each year she has been in business. She is in the top 1% of the agents in the area based on sales volume. Her practice continues to flourish thanks to clients recommending her to friends, family members and business associates.
Her clients state that her actions and attitude are best described with the word “integrity”.
Realtors with the Debbie Woolard Group service Virginia Beach, Chesapeake, Norfolk, Suffolk, Hampton, Newport News & Portsmouth with specialist in seller representation, buyer representation, military relocation, first time home buyers, short sales and real estate investment.