homeowners insurance
Brier Grieves August 14, 2017 1 Comment

So it’s finally time to go ahead with all of your home renovation plans. The day you’ve been waiting for! It’s easy to be excited, but before you start with your project it’s important not to forget about your homeowners insurance. As it turns out, you need to reevaluate your home insurance needs both during and after the renovations because the new changes you make may not be covered under your current insurance policy.

The four biggest factors that influence the cost of different homeowners insurance solutions are the estimated cost to rebuild your home if it were destroyed, your home’s age, the neighborhood’s fire protection rating, and your personal claim history. With these details in mind, you need to develop a plan that works with both your renovations and insurance plan in mind.

Here are four home insurance tips for remodeling.

  1. Check to make sure your contractor is insured – If you’re working with a contractor, make sure to ask for a copy of their general liability insurance. This means that even if there is an accident in your home, you won’t be liable for damages.
  2. See if you qualify for a discount – Some home renovations, such as installing a security alarm, a fire protection system, or even a metal roof may actually make you eligible for a discount on your current insurance policy. Check with your insurance agency before you make your final decisions as this potential deduction may make you change your mind on some aspects of the remodel.
  3. Keep everything – You need to keep a paper trail of everything so you can update your policy once the renovations are complete. Keep all the invoices, bids, estimates, and receipts so you’ll have documentation of everything if your insurance company needs it for any reason.
  4. Schedule a personal insurance review after the project is done – It’s always a good idea to see if your remodel has in any way changed your plan’s coverage. So just to be safe, make sure you complete a walk through of your home to reevaluate your possessions and your home’s dwelling value.

As fun as it can be, make sure to consider your home insurance policy before you start your renovations. It’s far better to be safe rather than sorry! If you have any questions, don’t hesitate to contact one of our professionals for advice today.