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Renovations to your business could mean renovations to your insurance policy

It’s important to update your insurance policy so your investment is protected to rebuild your business with similar materials in case of a loss.

Floor plans of a house.

As a business owner, you invest time, money, and effort to ensure your business continues to thrive. One overlooked aspect when undertaking renovations or experiencing significant growth is the need to update your insurance policy. If you suffered a loss, you typically would receive replacement cost value from your insurance company: enough to rebuild your business with similar materials. But if you don’t update your insurance policy when any major renovations or upgrades are made, those updates may not be covered.

Here are some renovations that could affect your insurance policy.

Upgrading the materials

Transitioning from standard materials to high-end options, such as custom cabinets and hardwood floors, can change the replacement cost value.

Expanding the space

Whether you’ve added office space, conference rooms, or other functional areas, any increase in square footage should be covered in your insurance policy.

Making key updates

Some renovations could result in possible credits, meaning a lower insurance premium. For example, if you put on a new roof, you could be eligible for a discount from your insurance company.

Talk to your agent

Contact your insurance agent to tell them the extent and cost of the renovations, and any added square footage. Your agent will use this information to determine the new replacement cost value and make sure you are covered.

For a major renovation, it’s best to consult your agent before you start the project so you know how it will affect your policy. If you’re unsure whether the updates will change your insurance coverage, ask your agent.

Find an agent

Our independent agency partners will help you compare coverages and share industry insights as you shop for the right insurance policy for your needs.

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