How home renovations impact your homeowners insurance premiums

With Americans’ savings rates up and stimulus cash on the way again, home renovations are soaring – but at what impact on homeowners’ insurance? (iStock)

U.S. homeowners are taking on home renovations during the pandemic, fortified by increased savings and an environment of low interest rates. According to a Bank of America survey, 70% of Americans decided to take on home improvement projects last year with more projects planned for 2021.

“With the pandemic, we have seen an increase in homeowners using our projects tracking features,” said John Bodrozic, co-founder of Home Zada, a homeownership data analysis platform. “The most common projects are kitchen and bathroom renovations which fall into a major home improvement. The next level of projects are more of flooring and painting projects which fall into minor level renovations.”

If you’re remodeling your home or plan to remodel, remember to consider the impact your home

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5 smart New Year’s resolutions for homeowners

Last year, 28 percent of Americans made New Year’s resolutions. No doubt millions more will set goals for 2021. And while losing weight, exercising more and getting finances in control are some of the most common New Year’s resolutions, you might consider making a home improvement resolution. Your home, after all, is one of your biggest assets and the place where so many treasured memories are made.

Here are 5 easy home improvement resolutions to consider. To make them stick, try breaking them down into smaller, more manageable steps before plugging them into a calendar to keep yourself accountable. Here’s to 2021!

Check your furnace filter every month

Depending on the size of your house and whether you have a pet, you may need to swap out your furnace filter as often as once a month.

Depending on the size of your house and whether you have a pet, you may need to swap out your furnace filter as often as once a month.

Your furnace filter keeps dust, allergens and other icky stuff from entering (and

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76% of Homeowners Made Home Improvements During Pandemic

With many consumers spending more time indoors because of the pandemic, some homeowners have used at least a portion of that time to make improvements on their homes.

Porch, a company that connects homeowners and home improvement professionals, surveyed homeowners to gauge whether the coronavirus outbreak has stopped them from moving forward with their home improvement plans. The survey found that not only were most homeowners not deterred by the pandemic, but many have taken action because of it.

A renewed focus on home amid the pandemic

Some earlier studies have suggested that consumers may be putting off plans to buy a new house because of the economic turmoil caused by the pandemic. For current homeowners, though, renovating their homes may be an appealing alternative.

The vast majority of respondents to the Porch survey — 76% — said they have made at least one home improvement since the pandemic started.

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Some homeowners struggled to pay PACE improvement loans. The coronavirus made it harder

It wasn’t until the work was done that Marcelino and Josefina Rodriguez said they learned the truth.

They had been signed up for a roughly $45,000 PACE home improvement loan at nearly 10% interest — even though they said a woman working with the contractor told them their new roof and water heater would be free through a government program.

The Rodriguezes contacted the authorities, but the nearly $4,500 annual bill came due anyway — a financial hit for the household of four who scraped by on less than $30,000 each year as garment workers paid by the piece.

If they didn’t pay, Marcelino, 67, and Josefina, 64, could lose the Pacoima home they’ve owned since 2001, one that provided them and their sons stability after years of bouncing from rental to rental. So to get by, they started selling food and one of their sons said he exhausted his

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