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Let Us Know About Your Remodeling Plans
Perhaps you are sprucing up your house to take advantage of the rising real estate market. Maybe your last child is finally out of the house, so you are getting that exercise room or man cave or wine cellar you have been dreaming about. Or you might just want to add some color after the long winter.
Whatever your reason for making any kind of home renovations, it is important not to overlook the potential impact on your homeowner’s coverage. Insurers’ requirements differ based on the company and the extent and value of the renovations. For some insurers, if you don't let them know about your home-improvement plans, they might not provide full coverage for renovation-related losses.
Most remodeling begins with choosing a contractor or contractors. With each contractor you hire, you should ask to see:
If you plan to move out for all or part of the renovation, let us know so that we can discuss steps you should take to ensure that your home is safe and your coverage is sufficient. For example, some insurers as well as some municipalities require that you have a remote fire alarm system in place if your house is unoccupied. You also might need to put up fencing and outside lighting.
- Proof of liability insurance that provides coverage if the contractor or workers cause damage to your home.
- Proof of workers' compensation coverage, in case anyone is injured on the job.
- Bonding or similar coverage if you are concerned about theft while you are not in the home. Alternatively – or in addition – consider moving your valuables into a home safe, safe-deposit box or other secure location.
Finally, if your renovations increase the value of your home, we need to make the appropriate adjustments to your coverage limits. Depending on the extent of the work and the timetable, it might be necessary to increase coverage in steps throughout the project.
So give us a call before you start. We can help you determine how and what you need to communicate to the insurer. We want to help you make sure that you have the coverage you need.
To discuss this or any other insurance question, contact us at 847-572-0820 or email@example.com.