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. 9, Issue 8April 2014

MONTHLY MESSAGE

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:

  • 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.
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.

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 dmiller@bensman.com.

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