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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