You've invested in some pretty great changes to your home. Perhaps you've added an outdoor kitchen. More people are taking full advantage of their outdoor spaces and putting them to work to meet their needs. From the investment of more activities to larger entertainment spaces, these additional spaces are a fantastic way to make your home a better fit for your needs. However, they can change your home insurance needs. It's important to consider what the implications may be before and after you've done this type of construction.
In some situations, these larger changes do add a great deal of value to your home. They can be excellent investments for this reason. However, you will need to ensure your home insurance policy's value is high enough to cover these added amenities.
For example, your home insurance policy offers coverage up to $200,000. You've added a $20,000 outdoor kitchen to the space. You've increased your home's worth. If your home's worth is now about $220,000, it may not be fully protected unless you adjust your policy accordingly.
It’s also important to consider liability risks. If you've added any special features to that outdoor space, such as gas lines or enclosed fire pits, your insurer may need to know about this. It could raise the risk of an accident occurring. And if that accident causes an injury to another person or another person's property, your liability insurance needs may now be higher.
It is also very important to ensure your building is up to code. If your outdoor kitchen does not meet local codes and ordinances, especially for factors related to fire, your home insurance policy may not cover it. This is why it’s so important to have your home insurance agent play a role in the planning and execution phase of your installation.
In most cases, an outdoor kitchen is not a problem when it comes to financial protection as long as you update your home insurance policy to reflect its new value. Don't overlook the importance of doing that before and then after you've completed the project. It could help protect your financial investment over the long run.
We’ve got you covered. Call HIG – Henrich Insurance Group at (713) 349-0400 for more information on Houston home insurance.