Updating Homeowner’s Insurance Policy Is a Must After Making Renovations

 

According to a recent study around one-third of homeowners did not know that they should update their insurance policy after a renovation. A survey done by The Hanover revealed that 61% of US home insurance policyholders are planning on renovations, but only 34% know to update their homeowners’ insurance coverage once the renovation is complete.

“Proactive outreach throughout the year also results in powerful conversations that give customers peace of mind that their age3nts are continuously looking for ways to protect investments and add value to the relationship,” noted The Hanover report.

Renovations will raise the value of a home, so you might not have enough coverage with your original policy. If you suffer a major loss, this could hurt you and your pocket. Usually when a renovation is completed, there needs to be a modified Coverage A amount listed on the original policy. This is important because it is reported that around forty percent of homeowners will renovate and spend more than $50,000.

Homeowners are staying put in what they have due to higher interest rates and rising home prices. Around 28% of those that planned on purchasing a home in 2022 said that higher interest rates and home prices encouraged them to stay put. Around seventy percent of those who were going to purchase a home said that rising interest rates and home prices affected their decision.

“These trends should prompt agents to talk with their customers to ensure their homeowners’ policies reflect the true value of their home after a renovation, and that their policies protect the investments they have made to their home. These conversations can help create a strong customer experience that reminds customers of the value their agent provides,” says Richard W. Lavey, president of Hanover Agency Markets.

Click Here For the Source of the Information.

2022 Roof Shingle Color Trends

 The top renovation to the exterior of a home in 2021 was the roof. This is still true in the 2022 home improvement market. Not only are there many options for shingles but also many colors to choose from. In fact, it is reported that the roof shingle color can boost your home's resale value. Before selecting the perfect color for your roof, here are some tips you should know.

Tones can be important when it comes to selecting the right color for your roof.

Neutral Tones

When you think of neutral, you sometimes think of boring but this is not the case. Neutral colors such as brown and gray can look amazing on a roof. There can be different subtle color variations. A great example is Timberline HDZ in Weathered Wood. This is currently one of GAF's most popular neutral shingles. The shingle has both dark and light brown towns which will go with a range of home styles and exterior paint colors. Neutral tones are very practical making them popular in 2022. Since they can go with many changes, they can bring a higher resale value. These shingle tones are versatile and classic in looks.

Bold Earth Tones

Earth tones have been popular on both the interior and exterior of homes from 2021 and still in 2022. Nature-inspired shingles such as the GAF architectural asphalt shingles are good examples. These shingles alternate in color which offers a dynamic variation with a pop of color adhering to a cohesive look. A neutral exterior is perfect for this type of shingle. It will give your home more contrast and pop your curb appeal.

Classic Black

You can never go wrong with the classic black shingle. These have become very popular in 2022 due to the ongoing desire for a modern farmhouse look and easy accessibility to solar shingles. There is nothing more classic than a white home with black trim and black shingles. This combination can fit on most any architectural style from a traditional home to a modern home. Now there is even a black solar shingle that gives your home the traditional roof look. These eco-friendly roofs are currently in high demand.

Remember your shingle color can either make or break your home's curb appeal. It not only can affect the curb appeal but can also affect your home's resale value. The right shingle paired with the right roof can make your home have a higher market value.

Click Here For the Source of the Information.

If Your Considering Refinancing Your Home Here Are Six Important Things You Need To Know

  

There are several reasons a home may want to refinance. Homeowners can use the new loans to lower their interest rates, pay off mortgages at a faster pace or turn their home equity into cash. Before choosing this path, you need to makes sure that refinancing is right for you. Here are six things to consider to help you with the answer.

1. Refinancing is a process

Refinancing typically takes 30 to 45 days from start to finish. Once you choose a lender they will need to assess your income, assets and credit history. You will need to gather all your documents such as pay stubs and bank statements. An appraisal will also be done for the new mortgage. Make sure to clean your home and make sure your landscaping is in top shape.

2. Time is of the essence

Currently, we are at historic lows and this is a perfect time to refinance. This may not always be the case. It is smart to lock in a low monthly payment as well as a low rate. Once rates go up, the savings might not be there.

3. There are many reasons to refinance

A low interest rate is a big reason to refinance, however, it is not the only reason. The term of the loan is another factor, if you’re looking for a lower monthly outlay, a long-term loan will likely work best. This is not the case if you want to repay as soon as possible because you might get locked into a higher rate. Terms are important but other reasons also include changing your loan type, cashing out your equity or removing a name (in cases such as divorce).

4. You're not tied to your existing lender

You can always go with a new lender when refinancing. Once you have paid your original mortgage off with your lender you are free from obligation to them. This gives you an opportunity to shop around for the best terms and rates.

5. You can reinvest in your existing property

Many homeowners take the cash out equity and turn around and make improvements, renovations or additions to their home. These changes not only benefit your living situation but also can add more value to your home.

6. The decision is yours alone - so make it an educated one

Everyone has different goals and personal interests in life. This is also true with home purchases and refinancing. Refinancing is a personal decision and all options should be explored. If you are thinking of refinancing, contacting a lender who can help you with all aspects of home refinancing is the first smart choice of the process.

Click Here For the Source of the Information.