If you are like us, you are busy spending your tax refund on home improvements.
I know the general advice is not to give the government a tax-free loan but I will admit I LOVE MY TAX REFUND! With all of the home improvements we have on the agenda this year, even the kids are excited with the changes. Painting, Staining, Refinishing—you name it.
That being said, I am a semi-permanent fixture at Lowe's. This past weekend, I noticed how many people were there spending money on home improvement, tools, appliances and landscaping. More of my friends are staying in their homes with the down market and focusing on home improvement and customization than looking for a newer home. I, too, am guilty of that reasoning.
I figured if I was going to stay in this house I was going to jump in and make it the way I want it -- I'm underwater anyway. Now, here comes the valuable lesson. When you do make improvements or upgrades to your home, it is essential that you let your insurance agent know. You may need to make necessary changes to your homeowner's policy. Some policies have riders and endorsements that will provide coverage for your: New Appliances, Landscaping, Windows (glass), Tools, and Lawn Equipment. If you increase the square footage of your home or remodel a kitchen or bath, you should also let your agent know. A new roof could give you a discount. It may be necessary to increase your replacement value or add special perils coverage to your policy. Don't always assume that making changes is going to make a huge premium difference in your policy.
The most important thing is that your home is properly covered.
Say hello if you see me at Lowe's!