Water Damage Could Add Value to Your Property
Property damage from water, mold, and storms can feel overwhelming. In fact, while going through a disaster, it’s tough to find an upside. But water damage restoration could increase your South Carolina property’s value in the long run. It comes down to having two important things: the right homeowner’s coverage and restoration professionals working on the job. Once you file a homeowner’s claim for water damage, your contractor’s task is to return the home just to pre-loss condition. But frequently the results maybe even better, particularly if you live in an older home.
The Value of Proper Restoration Services
When you experience water damage to your home, it’s extremely important to have the loss inspected by Kingsley Water Damage Restoration. Proper restoration is strategic to not only preserving the value of your home but potentially boosting its value. If damage is not correctly restored or repaired by your DIY efforts or by a cut-rate contractor, you may run the risk of added and substantial damage in the long run.
Insurance Terms to Know
“Pre-loss condition” is a significant insurance term and concept. The definition is “the condition property was in the moment before a damage occurred.” Let’s say your loss is covered under your policy(1). Your insurance will pay to return your property to its pre-loss condition with your deductible being your only expenditure.
You might also hear the term “comparable materials and quality” when dealing with your insurance company. This means that any materials destroyed in the loss will be exchanged with the same or comparable material. For instance, if the cabinets in your bathroom are wrecked, they’ll be restored with cabinets of equivalent value. Even if those same cabinets no longer exist.
In a home that’s fairly new, you probably won’t see much of an uptick in value. But in an older South Carolina home, the damage to your property could turn out to be beneficial when old flooring, cabinets, or carpets are replaced with new furnishings.
Can I Upgrade My Home
Yes you may make upgrades when your home is being repaired after water damage. So, for instance, if you were planning a future remodel but hadn’t come up with the cash to complete it yet, you may be able to afford it now. This is the time to transform damage into a benefit. The insurance company will still only shell out for comparable materials and quality minus your deductible, but they certainly won’t protest if you decide to spend money out of your pocket to upgrade those materials. In fact, they’re pleased if you do because they would now be insuring a higher quality home, and to them, that’s a good thing.
How it Works
Let’s say your kitchen cabinets and laminate countertops were trashed by water damage. Your insurance will pay for replacement cabinets and counters of similar materials and quality. But since you’ve already been saving for a future project, you can now combine the money you’ve been saving and the money the insurance company is paying. Which will allow you to upgrade to higher quality materials at a considerably lower out-of-pocket cost. By doing so, you’ll greatly improve your South Carolina property value. This is especially true if you upgrade areas of your home like the kitchen or bathroom that can be costly to remodel but are enormously attractive to buyers.*
Whether you decide to upgrade or not, getting your home professionally restored should be your highest priority. By doing so, you not only increase the value of your home but you’ll also ensure the water damage is repaired properly. As well as minimizing the risk that it will not come back to haunt you in the future.
Kingsley LLC is your South Carolina company of choice for your commercial and residential Emergency Water Extraction and restoration. Our expert crew handles large and small insurance losses and we work closely with insurance adjusters and homeowners.
*Do not purposefully destroy parts of your home that you want to be remodeled in order to save cash! Besides being unethical, your homeowner’s policy will not cover deliberate acts of destruction to your property.
- Allstate, Does Homeowners Insurance Cover Water Damage? https://www.allstate.com/tr/home-insurance/water-damage.aspx