27 Sep 2018
Update Your Homeowners Insurance to Cover Your Home Remodel

Make sure you have the right coverage for your home renovation project.

If you are planning on starting a home renovation project, there is a lot of planning to take care of. Between choosing the right contractor and selecting the perfect new appliances, it’s important that you update your homeowners insurance policy. Making adjustments to your policy now will ensure that you have the right coverage for your remodel.

Why should I report my home renovation?

Anytime you make renovations, your home’s value will increase. If you do not report your project to your agent, there’s a chance your policy will not offer enough coverage for your home’s increased value. Before you start work on your home remodel, speak to your insurance provider and ask if you should increase your policy’s coverage limits.

What policy changes should I consider?

Your agent will be able to advise you on how to fully insure your home once the renovation is underway. Usually, they will recommend gradually increasing your policy’s coverage limits as the project progresses. If your renovations include a major addition to your home, like a new room or a new garage, this addition should be specifically listed in your policy to ensure that it’s covered.

Do I need coverage for my contractors?

There is a risk for injury anytime construction work takes place. However, it is not your responsibility to carry insurance for the people working on your home. It is up to the contracting company to provide workers compensation coverage for it’s employees. To protect your liability, ask your contractor and subcontractors (electrician, plumber, etc.) to see their proof of insurance.

This is what you can do to secure the right coverage for your home renovation. Do you have additional questions regarding your homeowners insurance? Contact Weaver & Associates in Arcadia, California for assistance today.