Home renovations have blown up in the last few years. According to the Joint Center for Housing Studies at Harvard University, home improvement and repairs spending increased to $432 billion at the end of 2021, up more than 28% the same time the previous year.
It makes sense. If the COVID-19 pandemic did anything for the people of the country, it was to cause us to really sit and consider our space. People were spending more time at home and needing to adapt their homes in many cases for remote work. Also, there was a jump in home buying and new owners wanting to renovate their new house to make it their own.
If you’re planning to undergo a major renovation, here’s what you need to know about how it might affect your homeowners insurance coverage, coverage limits and the value of your home.