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Home Special Sections Home & Garden

Have You Renovated Your Home? Call Your Insurer

October 1, 2021
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Americans have been busy renovating their homes in record numbers.

Home renovation spending grew 15% in the last year to a median $15,000, according to a survey by home renovation website Houzz. Higher-budget projects (accounting for the top 10% of project spending) saw an increase to $85,000 or more in 2020, compared with $80,000 in the two years prior.

Let your insurer know. Ideally, before you start renovations.

For instance, if that new kitchen increased the cost of rebuilding your home after a claim, your current homeowner’s insurance limits may not be high enough to reimburse you if you have a total loss. Here are the main home renovations to inform your insurer about (the prices are from 2020 before construction costs went through the roof, so current averages likely are higher):

Kitchen and bathroom upgrades: A kitchen upgrade will cost an average of $35,000, while adding an average value increase of $20,000 to your home.

Complete kitchen renovations typically have a higher return on investment (ROI).

If you upgrade your electrical or plumbing systems during a kitchen or bathroom renovation, you could qualify for an insurance discount.

Flooring: New or refinished wood flooring also adds value to your home.

According to the National Association of Realtors’ 2020 Remodeling Impact Report, homes with hardwood floors will likely see a 100% return as the average $3,000 cost to refurbish them adds $3,000 in value.

Installing wood flooring by replacing another floor, usually has a 91% return on investment. So a $10,000 wood flooring installation can add around $9,000 in value to your home.

Siding: In some parts of the country, repainting your home’s exterior can result in a 112% ROI. The average cost to paint a house last year was $2,900 — the low at $650 and the high end $6,200.

Adding square footage: While a home expansion does not always add value to your home in the resale market, it will cost more to rebuild in case of a total loss.

You may also need additional insurance if the space you added is not inside your home.

Final tips: When doing a remodel, make sure your contractor is licensed, insured and surety bonded before signing the contract.

Also, make sure the contractor has general liability insurance and workers’ compensation insurance.

For more information contact
ROX Insurance at 800-690-7660.

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Prescott Living Magazine

3 days ago

Prescott Living Magazine
LOCAL NEWS: The Northern Arizona VA in Prescott has provided an update on their Homeless Veteran Program. . . .PRESCOTT, Ariz. – The Northern Arizona VA Health Care System’s Homeless Veteran Program, along with its community partners, housed 445 Veterans in 2022, exceeding their target goal by 157%.Nationally, the 2022 goal was to house 38,000 homeless Veterans— a goal that was exceeded by 6.3%. The Department of Veterans Affairs remains committed to ending Veteran homelessness and increasing housing placements is critical to achieving this goal.“This success is a result of efforts built on the evidence-based ‘Housing First’ approach, which prioritizes getting a Veteran into housing, then provides the Veteran with the support they need to stay housed,” said Steve Sample, Medical Center Director.In Northern Arizona, there are a variety of services designed to house homeless Veterans. The VA’s Health Care for Homeless Veterans (HCHV) Program includes VA Supportive Housing (HUD-VASH) vouchers that provide formerly homeless Veterans with subsidized housing and a wraparound, interdisciplinary case management team to address issues that may have contributed to homelessness. The program provides justice outreach services, employment services, health care services through the Homeless Patient Aligned Care Team, outreach, and transitional housing support. The VA also works closely with community partners to house homeless Veterans through a system called Coordinated Entry, where community agencies along with the VA regularly meet to coordinate efforts and ensure homeless Veterans do not fall through the cracks.“We are fortunate that there is so much support for helping homeless Veterans in our area,” said Jessica Taylor, Homeless Program Coordinator for the Northern Arizona VA. “This success could not have been possible without great collaboration between our community partners, Housing Authorities, Tribal partnerships, and support from our local communities.”Looking ahead, the VA will continue to explore new avenues to house homeless Veterans and overcome housing barriers. In collaboration with U.S VETS, Gorman & Company, and the Arizona Department of Housing, a supportive housing project on the grounds of the VA’s Fort Whipple campus is in the initial planning stages. The VA is also expanding outreach to ensure that homeless Veterans are aware of services available to them. For Veterans who are homeless or at imminent risk of homelessness— or if you know of homeless Veterans in need of assistance, call 877-424-3838.For more information on renting to or hiring homeless Veterans, visit: www.va.gov/homelessAbout the Northern Arizona VA: Through its main campus in Prescott, along with Community Based Outpatient Clinics (CBOCs) in Cottonwood, Flagstaff, Kingman, Lake Havasu City, and Anthem— with additional clinics in Tuba City, Page, Kayenta, Chinle, Holbrook, and Polacca, the Northern Arizona VA provides services to approximately 33,000 Veterans over a catchment area of more than 65,000 square miles.. . .www.facebook.com/VAPrescott ... See MoreSee Less

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Prescott Living Magazine

3 days ago

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Empty Bowls of Prescott Arizona has announced that it will distribute $24,000 to local foodbanks! Their 2022 Empty Bowls fundraising event took place in September, and donations can be made year round on their website.prescott-empty-bowls.square.site ... See MoreSee Less

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