Updating Your Home Policy After Renovations

At All-Tex Insurance, we know that when you purchase an insurance policy, especially a home policy, you expect it to cover everything forever. We make it easier to protect your Granbury, TX home with home insurance that provides the necessary coverage.

Renovations & Home Policy Updates

Your home policy provides protection for your home, but each policy includes policy limits. These limits come from the value of your home when you purchased it. During the purchasing process, the home undergoes an appraisal that sets its value. If you do anything to amend its value, you also need to amend the insurance policy to cover the improvements.

What do we mean?

If you remodel or renovate your home, you increase its value. Your insurance policy set the coverage limits according to the original home value. If something happens to your home, your coverage only provides the value up to the policy limits, which equals the purchase price, or the current home value as based on the purchase price.

Your renovations added value to the home. If you resold it before the event occurred that caused you to need to make a claim, you would have received a purchase price greater than the one you paid for it.

Let’s say you added a new metal roof and re-did the kitchen. You’d recoup 80 to 90 percent of the expenses for doing so when you re-sold the home.

So, when you remodel or renovate, you need to contact your insurance agent to update your policy. They may ask for a virtual tour of your home using Zoom or GoToMeeting.

Give Us A Call

Contact All-Tex Insurance serving the greater Granbury, TX community for more information or to apprise your insurance agent of your plans to renovate your home.