Renovations and Home Insurance Considerations
Deciding to upgrade and renovate your home can be the start of an exciting adventure or simply a necessary task due to outdated systems or the need for more space for your family. Either way, renovations done correctly can add value to your property, however, there are many important considerations throughout the renovation process you should address. One of the most important considerations is your home insurance policy.
Immediately Contact Your Insurance Agent
Not only should you inform your insurance agent of the increase in the value of your home after renovations, but you should ensure you have adequate coverage during the renovations process. A lot can go wrong during home construction projects and you want to be sure you are fully covered should anything unexpected occur.
Who is Doing the Renovations?
When you consider a home renovation, you may immediately consult with a contractor. However, there are also many do-it-yourself homeowners who take on their own project and enlist the help of family or friends when needed. No matter who is doing your renovation, there are relevant insurance concerns.
- Contractors and subcontractors – Make sure that every contractor and subcontractor working on your home is licensed and has proper insurance coverage. Additionally, in some cases, an insurance policy may expire during the project. You want to sign an agreement stating that the contractor will renew their policy and have continuous coverage until your renovations are completed.
- Family and friends – If you and people you know are tackling the job yourselves, you may want to increase your amount of liability coverage. Home construction provides many opportunities for people to get injured, especially if they are not properly trained. In addition, untrained helpers can cause costly damage to other parts of your home and you want to make certain your insurance covers the repairs.
Think About More Than Just the House
With renovations also often come new pieces of personal property. For example, if you add a new family room, you likely purchased new electronics, furniture, and other items to fill the room. You want to update those items with your insurer so they covered in the event of future disasters.
Contact us today to discuss the options for your policy!
The insurance agents at Skeele Agency, Inc. in New York have insurance solutions for your home renovation plans. If you would like more information about home insurance or would like to get a free quote for a policy, please call one of our agents today.