Whenever you decide to renovate or remodel your home, you should always update your homeowner's insurance policy so that it covers any home improvements you make. Having a policy that is up to date is the best way to protect any new improvements or additions you make to your home. Renovating or remodeling your home often adds to the value of your home and this makes it worthwhile to increase your insurance coverage.
Contact Your Insurance Agent
Before you even begin remodeling or renovating you should contact your insurance agent and discuss the scope of the remodeling or renovation you plan to have done. This will help them to decide how much additional coverage you will need. During renovation, if you change any of your original construction plans, be sure to keep your agent abreast of the situation so that they can adjust your home insurance policy accordingly.
What Your Policy Should Cover
Renovations can take several different formats; this may include a new roof, new doors or new windows. You may also remodel your home by adding a room or additional rooms to it. While these types of projects add to the overall value of your home, they are not usually named individually in a policy. In order to cover these new improvements, you will need to upgrade the overall value of your policy so that these new improvements are covered. You should also get coverage for the supplies that are bought to renovate or remodel your home. Sometimes, items get stolen and it is helpful to have insurance coverage for them.
Insurance Coverage for Contractors and Sub Contractors
While you need to make sure that your insurance is up to date, you should also make sure that the insurance coverage of your contractor and subcontractors are up to date. The contractor's insurance coverage should include workmen's compensation in case an employee is injured on the job. While a contractor will be responsible for most of the work done during renovation or remodeling there are certain specialized details such as plumbing or electrical work that they will have to give to subcontractors. Don't just assume that these subcontractors have coverage because your general contractor hired them. Check each of these subcontractor's certificates carefully in order to determine if they have adequate coverage.
Renovating or remodeling your home is one of the best ways to increase the comfort and value of your home. Getting the correct insurance coverage for this type of project will give you peace of mind.
Share3 December 2014
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