What happens with values in a VBA code in Excel 2007 when I insert new rows on the worksheet?

I received below code earlier from an EE member here, and now I want to add new rows on this worksheet, but first need to know if that is accounted for automatically in the VBA code? Or would I need to change the VBA to reflect the number of new rows I insert?

The code makes sure that if I first enter a value in the cells referenced to in that code and then delete this value, then the original formula gets restored in the cell.

This is the VBA code:

Option Explicit
Dim KeepValue(1 To 8) As Variant

Private Sub Worksheet_Calculate()
    Dim i As Integer
    On Error GoTo ErrorOut
    Application.EnableEvents = False
    For i = 1 To 8
        If KeepValue(i) <> Cells(34, i + 15) And Cells(35, i + 15).HasFormula = True Then
            Cells(35, i + 15) = Cells(34, i + 15)
        End If
        KeepValue(i) = Cells(34, i + 15)
    Next i
ErrorOut:
    Application.EnableEvents = True
End Sub

Private Sub Worksheet_Change(ByVal Target As Range)
    If Not Intersect(Target, Range("Q35:X35")) Is Nothing And Target.Count = 1 Then
        On Error GoTo ErrorOut
        Application.EnableEvents = False
            If IsEmpty(Target) Then
                Target.FormulaR1C1 = "=IFERROR(R[-1]C,"""")"
            End If
ErrorOut:
        Application.EnableEvents = True
    End If
End Sub

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