LEVEL UP
4
home improvements that may affect your HOMEOWNERS INSURANCE BRANDPOINT
Many of today’s homeowners have been inspired by house-flipping shows to learn practical tips and savvy tricks to either increase their home’s resale value or, for those who prefer to stay put, refresh their living space for its long-term use. While these shows highlight the newest trends that resonate with new buyers or help customize a house to an owner’s current needs, what they don’t tell you is how remodeling might affect your homeowners insurance coverage. “Building an addition and adding square footage, renovating a kitchen or bathroom, or other significant changes made to a home will increase its value,” said Jane Li, Mercury Insurance director of product management. “One thing that can’t be overlooked, however, is that these renovations will also increase the home’s replacement cost if it is damaged or destroyed, so it’s very important that homeowners also adjust their insurance policies to ensure the home is properly insured in the event disaster strikes.” Here are four improvements Li recommends discussing with your insurance agent before making upgrades. ROOF REPLACEMENT The roof is the primary source to protect a home against the elements, providing shelter from rain, hail, wind, summer heat and winter cold. It’s likely not the first thing that comes to mind when a homeowner thinks of renovations but, eventually, it will need to be replaced to keep doing its job properly. “The age of your roof factors into your homeowners insurance coverage because, as it gets older it becomes more likely to leak, which can cause structural damage,” said Li. “Certain roofing materials—like clay or concrete tile, slate or metal—provide added protection against wind and wildfires if you live in an area that’s prone to these conditions. If properly maintained, these materials also 10 | DISTINCTIVE PROPERTIES
Brandpoint
have a longer lifespan than an asphalt-shin- Some can automatically shut off the home’s gled roof, which tends to last about 20 years.” main water supply if a leak is detected and might even qualify you for a discount on INSTALLING A POOL your insurance.” Pools are a great way to cool off when temperatures climb and are also a nice cen- REVAMPING YOUR LANDSCAPING terpiece for outdoor entertaining. However, The trees, bushes, plants and stonework putting in a pool also adds to your liability you choose can add to your home’s curb risk, which will increase your homeowners appeal and, in areas with dry climates that insurance premium. are prone to wildfires, your landscaping may “If you decide to install a pool, be sure to even increase your home’s insurability. also build a fence with a locking gate around “A good landscape in fire country will it,” said Li. “The fence should not connect endure firebrands for days, intense heat for to the dwelling and, if possible, it should be weeks, and do both without igniting,” said built using fire-resistant material.” Douglas Kent, wildfire expert, author and professor of land management at California REPLACING PLUMBING FIXTURES State Polytechnic University, Pomona. Sometimes, all it takes to give your The five feet closest to your home is kitchen or bathroom a new look is to swap where you should retrofit with fire retardant out your old sink for a new one. materials and conduct simple maintenance If you decide to replace some of your like clearing away dead plants, and cleaning home’s plumbing fixtures, it’s important to gutters and decks of leaves. The next 30 feet make note of the upgraded materials as they from your home should be green and clean may be of a higher quality—and thus have landscaping, with lawns kept free of debris. a higher replacement cost—than the original Trim tree limbs so they are at least 10 feet equipment. It’s also a good time to consider away from your home and trim unruly installing a water-leak detection system, as bushes. Keep your lawn well-manicured and claims due to water-related damages, like plants healthy. Hard surfaces like asphalt and bursting or leaking pipes, or malfunctioning concrete also work well in this space. appliances, are the most commonly filed Finally, the next 70 feet should contain homeowners insurance claims, according to thinned out vegetation, removing flammable Mercury Insurance. plants and brush surrounding your home. “Many leaks can be difficult to detect Trees should also be at least 20 feet apart. since most pipes are enclosed inside walls,” Whether you plan to live in your home said Li. “We recommend installing water-leak for many years to come or sell it to a new sensors or shut off devices if you are making homeowner, be sure to assess your homeplumbing upgrades, because they can be very owners’ coverage needs annually as long as helpful in preventing extensive water damage. it’s your property. AUGUST 2020
