Home improvements typically have other benefits, aside from making the home a more pleasant place in which to live. Depending on the improvements made, the market appeal of the home may be increase, or the home might become more energy efficient as a result of the changes. These might help offset any post-renovation increase in your Philadelphia home insurance premium.

Some home improvements, undertaken for medical reasons, might be tax deductible. Installing an elevator or chair lift for people who are no longer physically able to negotiate the stairs, improving the home air filtration system to help alleviate asthma symptoms, and constructing ramps, widening doorways or installing railings for handicapped individuals are all examples of home improvements that have the potential to qualify for tax deductions. In order to file the deductions, typically you need a letter from the patient’s doctor stating that the improvements are medically necessary.  

You would need to ask your tax professional about your particular case, but it is well worth investigating whether the changes you require could attract a tax benefit. Finally, when you decide to do any home improvements, don’t forget to consult your Philadelphia home insurance agent about any additional coverage you may need to make sure the additional cost of repair or rebuilding can be met in the event of a claim.