Managing Your Insurance During a Home Renovation

Here are some of the steps you should take to manage your homeowners insurance during a remodeling project.

If you are interested in renovating your home, then there’s a lot to take care of, from finalizing plans, to choosing a contractor, to creating a budget.   However, what many homeowners aren’t aware of is that they also need to take steps to keep their home insurance provider in the loop.  This is because home renovations can affect the value of your property and the amount of risk that you face.  Here are some of the steps that you should take to manage your homeowners insurance during a remodeling project.

  • Inform Your Agent Ahead of Time

To ensure that you have enough home insurance coverage for your renovation project, you need to inform your insurance carrier about your plans.  This way, your agent can update your home policy to provide higher coverage limits when you need it.  Usually, home insurers recommend increasing your coverage limits incrementally to match the progress of the project.  If you are making a major addition to your home, like an extra room or a built-in garage, then your insurer may also recommend specifically listing this new addition on your policy to guarantee that it’s covered.

  • Verify Contractor Coverage

If you are hiring a contractor to complete your renovation work, then you need to take steps to protect yourself against their liability risks.  To ensure that you will not be held liable for contractor injuries on your property or third-party damages caused by contractor mistakes, you need to verify that the contractor is carrying workers compensation and general liability coverage.  Ask your contractor and subcontractors to provide proof of insurance before hiring them to ensure that you are adequately protected.

  • Secure Coverage for DIY Projects

If you plan to handle the renovation work on your own, then you need to make sure your home insurance policy offers enough general liability coverage to protect you and any loved ones assisting you with the work.  Your agent may also recommend adding no-fault medical protection to your policy to provide coverage for the lawsuits that injured friends or family members may file against you.

These are some of the things you should do to manage your homeowners insurance during a remodeling project.  Do you have other questions about your home coverage?  If so, then contact the experts at Mike Leonard Insurance Agency.  Our dedicated team is eager to find you the right coverage from one of our many carriers, including: Kemper, MetLife, Nationwide, Travelers, Safeco Insurance, Progressive, and American Strategic Insurance.