3 Insurance Considerations for Home Improvements
Doing a home renovation project can be a fun and exciting time for homeowners. It can also be stressful. Whether you are hiring contractors or taking a DIY approach to the renovation, there are a lot of considerations, planning, and things to do to get organized to ensure that your project goes according to plan.
While every wants their project to go off without a hitch, the reality is that unforeseen things can happen and you need to be ready for them. One task that needs to be near the top of your to do list is to contact your insurance broker. Many people overlook the importance of calling their insurance company before doing a renovation. If you don’t, you could be exposing yourself to many potential liabilities. Get your home insurance in order before starting.
1. Contact your insurance broker before starting your project
Don’t wait until your project is complete to call your insurance company and update your home information. You need to ensure you are protected and insured during the renovation as well. What would happen if something when wrong with your project or something was damaged during the project? If you don’t notify your insurer and have the right coverage in place, you would have to pay out of pocket for any damage that occurs. Talk with your insurance broker about your home insurance options for you renovation.
2. Ask the contractor for proof of insurance
Another important consideration, while it’s not about your home insurance, is making sure the contractor(s) you are hiring have insurance and all other necessary coverage in place. If they don’t, you could be liable if they are injured while working on your home. It is also a good idea to ensure your contractor has a general liability insurance policy as well.
3. Update your policy once the renovation is complete
A final consideration is to update your home insurance policy when you complete the renovation. The value of your home will likely increase, meaning you may need to adjust a number of home insurance policy elements, such as replacement value coverage.
Contact your insurance brokerto talk about your home insurance needs. Don’t hesitate to ask questions about your policy in light of the recent changes to your home and make sure that you explore you home insurance options to get the best rates on your newly renovated home.