MONDAY, JULY 3, 2023
Select home insurance based on the value of your home. Many factors change the value of your home throughout your ownership. Adding an enclosed patio, for example, will significantly boost its value. Your home insurance policy should match this increased cost. If it does not, you may not have enough coverage to replace it. How can you increase your coverage to your satisfaction?

It does not have to be hard to determine this. Your home insurance agent can work with you to keep you updated.
Adding Value to Your Home
An enclosed patio is one of the more valuable additions you can make to your home. Depending on the style of the structure, it may even add square footage to your home. As an enclosed space, you may be able to use it throughout the year. It gives you more room to spread out with family and friends.
Most people would view this as an extra value and benefit to the home. Yet, adding value to your home is the key factor to keep in mind. If it adds significant value, your home insurance policy needs to reflect this.
How to Determine If You Need More Coverage
To determine if you need more home insurance coverage, start with a few key steps.
- Determine how much value your home is now worth. Your local builder can help you to do this. You can also work with an appraiser.
- Determine the cost to rebuild your home with the new structure. How much more does it cost to rebuild your home now?
- Contact our home insurance agent. Discuss the current value of your policy. Do you have enough coverage to replace this structure if lost?
- Consider what is in your new enclosed space, too. Do you have highly valuable items here? If so, this can also increase your need for more coverage.
- Come back to your policy each year. Determine if the value of your home is higher now than it was. If so, it may be important to boost your home’s coverage.
The best step to take is to work with your home insurance agent to understand what your needs are. He or she will want to know about the home’s addition. An enclosed space can help you to enjoy life a bit better. But, it is a sizable investment. As a result, you will want to be sure your coverage is enough to protect yourself.
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