Home sweet home. There’s no place like home. Home is where the heart is.
But after a year of lockdowns and restrictions, most people are getting tired of staring at the same four walls. If you are thinking about making some changes, you are not alone. It is reported that Americans spent $339 billion last year in home improvements.
Eating almost all our meals from home had us longing for a nicer kitchen with new cabinets, updated countertops, and energy-efficient appliances. In search of a quiet place to study or work, we invested in a comfortable, well-equipped home office. Gym closures led us to put in a home gym and maybe even a backyard pool. Canceled vacations made us re-imagine how to convert porches, patios, and decks as outdoor retreats.
Protecting What You’ve Built
If you have recently improved your home, have you also improved the insurance that protects it? Your homeowners policy needs to cover the cost to repair or replace your home if a disaster like fire or a tornado should strike. If the improvements you made added to the value of your home, you may now be underinsured and if something were to happen, the payout you receive may not be enough to replace what you’ve worked so hard to build.
It is easy to underestimate the cost to replace your home. Many people confuse the market value of their home with the replacement cost. Market value is the price someone pays when they buy a house. The Replacement cost is what it would cost to rebuild your home.
When considering the replacement cost, you would need to factor in both materials and labor. If you have recently completed a home improvement project, you have probably noticed that the price of materials, especially lumber, has increased dramatically. The cost of labor is also rising due to a shortage of skilled workers in the construction trades. Given the demand for housing, both of these trends are expected to continue for the foreseeable future.
Get the Savings You Deserve
Some improvements can actually save you money on homeowners insurance. The ice storm caused some Texans to upgrade their plumbing, their HVAC system and even install whole-house generators. Others may have installed early detection sensors such as a smart home water leak detection system. These improvements enhance the overall safety of your home and may help reduce the cost of your homeowners insurance.
TMA Insurance Trust has made it easy and convenient for members to get the homeowners insurance savings they deserve. The MyLifeProtected section of this website will connect you with dedicated agents who will help you customize your coverage to your needs. They will compare your current rate to the best rates in the area and inform you about every discount available to you, including the exclusive TMA member discount.
Make Sure You’re Fully Covered
Certain home improvements such as a pool or a gym may affect your liability coverage. If you’ve made any of these additions to your home, be sure to speak to the agent about umbrella liability insurance and how it can protect your home and all your assets, including your children’s college fund and your retirement savings.
When you call, why not request a quote for both auto and homeowners insurance? When you bundle homeowners and auto insurance together, you may become eligible for an additional discount which will help you save even more.
For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.