Will updating my home make my insurance cost more?

Will making improvements to my home that better protect it from loss cost more on my insurance policy? We noticed that the roof was looking a little ragged, so my wife and I decided to give our home a much needed facelift. We updated the roof, added storm shutters, had the siding painted, and installed a pretty high-tech fire and alarm system. It didn't occur to me until recently that I might need to inform my agent about these changes.

Answer
“Any time you update your home, it is best to notify your agent to ensure you have adequate coverage and to receive any new discounts that you may be eligible for.
The updates made to your home sound amazing and insurance discounts may help offset some of the cost. Check with your agent to see if you are eligible for any of the following:
  • Home safety/security discount–average savings between 2%-15%
  • New roof/roof age discount–average savings between 5%-35%
  • Storm shutters/safety discount–average savings between 10%-15%
These are discounts that will impact your policy year after year, so they certainly will add up!
Keep in mind that these new updates will cost more to replace than what you had previously. Once you notify your carrier of the changes, you may see an increase in replacement cost on your dwelling coverage. The discounts may offset the rise in premium or they may not be enough to cover the whole increase.
If you are unhappy with the cost of your insurance policy once it is updated, it may be time to re-shop both your home and auto insurance policies. By bundling your auto and home insurance, you can save by getting a multi-line discount.
Use the free Jerry app to help make this happen! Jerry collects auto and home quotes from over 50 companies and brings the lowest available rates right to your phone.”
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Shannon Martin
Answered on Jul 27, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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