According to a study by the Remodeling Futures Program at the Joint Center for Housing Studies at Harvard University, there will be a 5.9% increase in spending on remodeling projects.
If you are one of the many homeowners looking to remodel your home, it is important to verify you have the amount and type of insurance both during and after the renovation, according to the Insurance Information Institute. The I.I.I. details steps to follow when re-modeling your home to make sure you gets the best protection.
Talk to your insurance agent, broker or company representative before you start the project. Let your insurance company know about your remodeling plans. Ask if you will need to update your homeowners insurance and whether you need any other type of insurance to protect you financially during the project.
Verify that your contractor has insurance coverage. Ask to see a copy of your contractor’s insurance policies. They should have workers compensation and commercial business/general liability insurance policy. It is essential to make sure the workers at your home are properly insured so in case of any accidents they do not sue you.
Keep records and receipts. Take before and after pictures of your home improvements, and detail the work being done along the way. Keep any receipts for work done and all contractors receipts. Keep track of your belongings as well. The I.I.I. has a free Know Your Stuff-Home Inventory program to help create and maintain a home inventory, you will always be prepared for any unexpected occurrence.
Update your insurance coverage after the renovation. Make sure your insurance company knows about the home improvements; you may need to increase the amount of insurance to cover your home. Make sure to cover any particular high risk assets your home may have, such as fences, pools, sheds, etc.
Above all, you want to protect the value you’ve created in your house. From personal liability to personal property coverage and special coverages, Byrnes Agency can help you create the right homeowners insurance plan to protect you and your family. Contact us today for more information.