Buying Insurance for a Home I'm Remodeling

[dielectricunion]

I'm a first time homeowner and have not yet purchased insurance. It's a 1080 sq ft detached house in Bloomington IN that needs a lot of work. I'm planning on living in the house for at least 6 years and will be doing all the work myself while my girlfriend and I live there. I don't really know anything about home insurance and I'm wondering how the current state of the home will affect my rates, and if they will most likely go up or down with improvements. Will repairs that make the home safer and more durable lower the rates for that reason, or raise it because I'm improving the property value? I have a lot to learn and understand...

 

[benwrigh]

I'm a first time homeowner and have not yet purchased insurance. It's a 1080 sq ft detached house in Bloomington IN that needs a lot of work. I'm planning on living in the house for at least 6 years and will be doing all the work myself while my girlfriend and I live there. I don't really know anything about home insurance and I'm wondering how the current state of the home will affect my rates, and if they will most likely go up or down with improvements. Will repairs that make the home safer and more durable lower the rates for that reason, or raise it because I'm improving the property value? I have a lot to learn and understand...

You need to contact an agent in your area. You are looking for a renovations policy. Be sure the specify that you will be living in the home while the work is being done. I work with one company that has a vacancy requirement on these kinds of policies.

 

[Agent Ave]

As stated earlier, you need to call a agent that us licensed in your state and let him know the details of your renovations. Try calling a broker who can shop your rates since they have more carriers to help write this type of risk.