Our basement was unfinished when we purchased our home. We've finished the basement. We used a contractor, but permits weren't required. Should we tell our home insurance company about the renovation? What are the benefits/downsides?
Asked By Brian | Forest Park, IL | 104 views | Tips Advice | 2 months ago
Now that it is actual living space -- you may wish to cover the space in case of claim/damage in the future. Yes, your premium may increase. The other thing to think about is taxes -- many times it will not be taxed or taxed as equal to above ground living space if not permitted. If you finished this are for a family member with a disability -- there could be credits involved. You have definitely increased the value of your property!
I would recommend letting you Insurance carrier know. The benefits is you have updated your policy to include your renovation and extra sq ft of finished area . Your down side may be a small insurance price increase due to the nice renovation.
I feel the it beneficial for you to update .
I would recommend letting your insurance company know of the updates so they can adjust your insured value in case something happened in your basement that you needed to file a claim.
Illinois may have different laws, but in california, If it adds value, I would definitely let the insurance company know. Especially if you would like the insurance to repair it.
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