Bensman Risk Management, Inc.

Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 15, Issue 10June 2020


Consider Insurance Issues When Buying or Remodeling a Home

Summer is a popular time to buy a new home or to remodel your existing one. It can be exciting to look for a new place or to consider improvements to your current home. There are practical matters, too, of course – and one of them is making sure you have the right insurance.

If you are buying an existing home or beginning construction on one that will be all yours from the start, you need to ensure that it is also protected from the start. We can help you make sure that your new place is protected from the moment that you take ownership or begin the building process.

If you are remodeling your existing home, your insurance issues depend to some degree on the extent of your project. If your remodeling project amounts to 10 percent or less of the value of the home, and if you are living in the house while the project is ongoing, any adjustments to your insurance probably will be simple. However, we do need to let your carrier know in order to make sure you have full coverage for your renovations.

If you are undertaking a major renovation, there are more things to consider. First, you probably are choosing a contractor or multiple contractors. For each contractor, you should require:

  • Proof of liability insurance that covers any damage the contractor or workers cause to your home.

  • Proof of workers' compensation coverage, in case anyone is injured on the job.

  • Bonding or similar coverage to protect against losses from theft. You also might want to move your valuables to a home safe, safe-deposit box or other secure location while the work is going on.
If you are planning to move out of your home for all or part of the renovation, there are additional steps you might need to take. 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.

And of course, 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.

Perhaps the most important thing is to give us a call before you start. It is always best to have plenty of time to assess your potential needs and then find the best coverage for your situation.

We are happy to discuss this or any other risk management or wealth management concerns you have. Contact us at 847.572.0828 or

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