So you're finally ready to add on that room, remodel that kitchen, renovate that bathroom. You bought all the materials, and hired the contractors. But have you contacted your homeowners insurance carrier?

Update your Insurance Policy

According to a national survey conducted by Trusted Choice®, a group of insurance agencies and financial firms, nearly 40% of homeowners who have added to their homes have not added to their insurance policies.

If you fail to update your insurance policy the worst case scenario could result in your carrier not covering your new additions. However, if you do notify your insurance company before the remodel even begins, you'll be covered for the additions and may also be covered for any building materials you've purchased during the renovation.

Why Should I Notify My Homeowners Insurance Provider?

When you remodel or renovate our home, you're adding to its value. Your insurance carrier needs to know this so they can adjust your policy to keep you fully insured. If you don't let them know, you might find your home seriously under-insured if disaster strikes. Don't put all that work, effort, and expense into increasing the value of your home only to lose it because of a flood or fire.

Imagine you've renovated a small one-bedroom fixer-upper into a modern three-bedroom home. You put in a pool or deck, landscaped the yard, and added a fence. The difference in the replacement value of your home would be considerable.

Many homeowners only insure their homes based on their lender's mortgage requirements, buying just enough insurance to cover their required mortgage balance. Nearly two thirds of all U.S. homes are under-insured, many significantly so, according to the experts.

Remodel and Save

Many remodels also increase the safety level of your home. If you've upgraded heating, electrical systems or plumbing added security or weather factors, notify your homeowners insurance company. You may now qualify for discounts.

Make sure that your current asset value is what your policy covers. Many homeowners insurance policies have automatic increases that update yearly for increases in value, but many don't. Check your coverage and rates every six months to make sure you're getting not only a competitive rate, but to assure you have the proper coverage. With InsWeb.com's online insurance quote form you can compare multiple quotes within minutes. It's that easy to save.

Shop around for insurance quotes at least once a year. To find out more about Trusted Choice® and its survey, "Consumers Underinsured For Major Life, Work Events, Survey Shows," visit www.TrustedChoice.com