Home Improvement Alert: Are You Properly Insured?

As homeowners embark on major renovation projects, they may unknowingly expose themselves to significant financial risks by not updating their insurance policies. A recent survey by Nationwide highlights this growing concern, revealing that many homeowners complete substantial upgrades without adjusting their coverage.

Key Findings:

Home Improvement Surge: Over the past two years, 51% of homeowners undertook major renovations, including kitchen remodels and home additions.
DIY Trends: 53% tackled expert-level projects independently, often relying on social media for guidance, with 48% citing platforms as their primary resource.
Insurance Oversight: Alarmingly, 55% of those who completed significant renovations neglected to revise their insurance policies, leaving their homes potentially underinsured.

Popular Projects and Costs:

Basements and Doors: Basement upgrades and front door replacements top the list, undertaken by 43% and 41% of surveyed homeowners, respectively.
Kitchen and Bathroom Redos: Kitchen remodels (38%) and bathroom renovations (39%) remain staples.
Comprehensive Overhauls: Full-home renovations (36%) and additions like new rooms or garages (35%) are increasingly common.

Financial Implications:

Empty nesters, in particular, are pouring more resources into high-value upgrades. For example:

Kitchen remodels: $18,672 (empty nesters) vs. $9,702 (average homeowners)
Full-home renovations: $90,000 (empty nesters) vs. $36,900 (average homeowners)
Window replacements: $15,375 (empty nesters) vs. $4,917 (average homeowners)

Expert Insight:

Casey Kempton, President of Nationwide’s P&C Personal Lines, emphasizes the importance of revisiting insurance coverage:
“Every homeowner should review their home insurance coverage with their independent insurance agent regularly to avoid potential gaps.”

Protect Your Investment:

At Skyscraper Insurance, we understand the complexities of home improvements and their impact on insurance. Whether you’re adding a new room or upgrading your kitchen, our experts can help ensure you’re fully covered.

Don’t leave your dream home unprotected! Contact us today for a free consultation to safeguard your renovations and future.
#SkyscraperInsurance #HomeRenovations #StayCovered #RiskManagement

Leave a Reply Cancel reply

News

Best Practices for Insurance Professionals in 2025

As 2024 comes to a close, it’s clear the year has been challenging for insurers. However, as we look ahead to 2025, the industry appears to be in a much better position. The reinsurance market shows signs of stabilization, with improved terms and conditions. There’s broader adoption of insurance-to-value (ITV) measures and rate adjustments aligning better with risk. While this positive momentum is promising, challenges like natural catastrophes, rising claims, and social inflation remain. Positive Momentum in the Insurance Industry The industry is benefiting from hard decisions made in recent years, including necessary rate adjustments. Coupled with strong equity performance and a renewed focus on underwriting profitability, many insurers are experiencing surplus growth. Economic factors also contribute to this progress. Home construction has slowed but remains steady, unemployment rates are manageable, and consumer confidence is stable. Additionally, improved ITV measures have strengthened the industry’s foundation, with insurers like PLM reporting significant growth in this area. Accurate valuations, combined with solid underwriting and better rates, set the stage for continued success. Key Challenges Ahead Despite progress, significant obstacles lie ahead: A Path Forward To thrive in 2025, insurers must maintain discipline and adapt strategically: While challenges persist, the industry is better positioned than it was a year ago. By staying disciplined and proactive, we can make 2025 a year of growth and resilience.

Commercial Auto

Strategies to Reduce Auto Insurance Costs

In today’s economic climate, finding ways to cut expenses is a priority for many households, and auto insurance is no exception. On average, full coverage auto insurance costs $2,458 annually, or about $205 monthly, according to Bankrate. However, these rates vary widely depending on geographic location, personal factors, and the type of coverage. Why Auto Insurance Costs Vary Factors like a higher cost of living, state minimum coverage requirements, and traffic patterns heavily influence insurance premiums. For example: Beyond location, your driving record, credit history, and even age significantly impact your insurance rates. Expert Predictions for Rising Rates Industry experts warn that auto insurance rates are expected to rise further in 2025 due to inflation, increased vehicle repair costs, and a higher frequency of severe weather events. Practical Tips to Save on Auto Insurance To help mitigate rising costs, here are nine strategies from Consumer Reports, tailored to help drivers maintain robust coverage while cutting expenses: At Skyscraper Insurance, we understand the financial challenges you face and are committed to helping you find tailored auto insurance solutions that balance affordability with comprehensive coverage. Contact us today to explore your options. #SkyscraperInsurance #AutoInsuranceSavings #RiskManagement #WeShareYourVisionForABetterTomorrow

Home Improvement Alert: Are You Properly Insured?