Baby boomers are suffering from aging and home renovations.
When experiencing physical changes of aging, such as loss of balance or achy joints, these difficulties may require modification to your home. Painful and weak knees can make it difficult to go up and down stairs or step over the bathtub’s edge. Daily activities such as using the bath or shower can be problematic, but instead of moving into an assisted living center, the alternative requires upgrading the home.
Renovations to Impact Home
When renovating the home, the home’s value can be fluxuate. While the amount of insurance that homeowners should carry depends on the cost of rebuilding the house, significant renovations will require home insurance to be updated. Simple changes, such as adding handrails to baths and showers, will not affect your home’s value and therefore, will not affect your home insurance.
For those who add significant renovations to their home, such as a residential elevator, the home would increase in value and the cost of rebuilding the home would increase, thus the current home insurance policy would be insufficient.
In addition to the increased home value, if the renovation considerably affects the risk of your home, you could find yourself having to purchase more home insurance. For example, if you add a swimming pool to the back garden to gently exercise each morning, the risk of someone injuring themselves on your property increases. If someone were to fall in the pool and require medical attention, the expenses may be passed to you.
All homeowners, especially the elderly with changing needs, should be reminded that home insurance needs to be updated with their home improvements. Be sure to contact The DiForte Agency, located in Staten Island, New York, for all of your home insurance needs!