An issue with your roof arises, and you have a contractor over to fix it immediately. It's just a few hundred dollars, so you never even think about calling in a claim. Yet later, you wonder if you should have contacted your homeowners' insurance company about it? Does this impact the value of your home?

Here's what you need to know.

You Have a Duty to Notify

Your insurance policy is going to include something called the duty to notify. That means you need to tell your insurance company when you've experienced losses (such as stolen property, or roof damage, or foundation damage) even if you decided to fix it on your own.

This is because your insurance company needs to know if your risk has increased. Something like repairing the foundation could mean that you're going to have significant foundation problems later on.

Furthermore, if you don't notify your insurance company of these damages, you could find your insurance claims being canceled in the future.

Your Duty Doesn't Cover Everything

Small repairs to your home are generally considered part of wear and tear; there's really no reason to alert your insurance company. Further, planned renovations, such as putting in new carpet, or painting your home, aren't covered under your duty to notify. Your duty to notify only covers things that could be a concern to your insurance later, such as the aforementioned roof damage. 

It's not always black-and-white regarding whether you should consult with your insurance, but it's better to err on the side of caution, especially due to the potential consequences.

You Don't Need to Make a Claim

Now, while you may need to notify your insurance agent of damage to your property, that doesn't mean you need to make a claim. In fact, if the amount is under your deductible anyway, you really might as well just pay for it yourself. Keep in mind that a claim may raise your premium prices, and if you have too many claims over a short period of time, you could even see your homeowners' insurance getting canceled. 

While your homeowners' insurance doesn't need to know about the intricacies of every repair that you've needed, it does need to know about anything that could impact it in the future, such as something that could lead to a future claim. Otherwise, you could risk losing your insurance entirely. It's best to discuss anything you do with your insurance agent.