What should homeowners do after significant renovations?

After significant renovations, homeowners should update their insurance policy with their insurer. This is crucial because renovations often increase the value of the home, add new features, or change its risk profile. For instance, if a homeowner adds an extension, renovations may enhance property value, which requires adequate coverage to protect their investment.

Updating the insurance policy ensures that the coverage reflects the current state of the property. If a disaster were to occur after renovations and the insurance policy has not been updated, the homeowner may find themselves underinsured, leading to potential financial losses that cannot be covered by the policy.

It is important for homeowners to maintain accurate and up-to-date information with their insurer, not only to ensure proper protection but also to account for any changes in liabilities associated with the renovations. This includes considerations about new risks that may arise from features such as swimming pools or extensive landscaping, which can impact liability exposure.

Other choices, such as notifying local authorities or requesting inspections from the fire department, while they may be necessary in some contexts, do not directly relate to the homeowner's insurance policy update. Lowering insurance coverage is generally not advisable after renovations increase a property’s value and risk profile, as it could lead to insufficient coverage in the event of a claim.