How to Deal with Your Home Insurance During Renovations

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How to Deal with Your Home Insurance During Renovations

What to do with your home insurance while undergoing a renovation.

While you might not think about it, renovating or remodeling your home has a significant impact on your homeowners insurance.  This is why it’s so important for homeowners to manage their coverage throughout the process.  But what insurance steps should you take during a home remodeling project?  Here’s what you should do to manage your home coverage.

  • Communicate with Your Agent

To ensure that you have enough home insurance coverage for your renovation project, you need to inform your insurance carrier about your plans.  This way, your agent can update your home policy to provide higher coverage limits when you need it.  Usually, home insurers recommend increasing your coverage limits incrementally to match the progress of the project.  If you are making a major addition to your home, like an extra room or a built-in garage, then your insurer may also recommend specifically listing this new addition on your policy to guarantee that it’s covered.

  • Verify Contractor Coverage

If you are hiring a contractor to complete your renovation work, then you need to take steps to protect yourself against their liability risks.  To ensure that you will not be held liable for contractor injuries on your property or third-party damages caused by contractor mistakes, you need to verify that the contractor is carrying workers compensation and general liability coverage.  Ask your contractor and subcontractors to provide proof of insurance before hiring them to ensure that you are adequately protected.

  • Secure Coverage for DIY Jobs

If you plan to handle the renovation work on your own, then you need to make sure your home insurance policy offers enough general liability coverage to protect you and any loved ones assisting you with the work.  Your agent may also recommend adding no-fault medical protection to your policy to get coverage for any lawsuits that injured friends, or family members may file against you.

These are some of the insurance steps that you should take during your home renovation.  Do you have additional questions about your home coverage?  If so, then contact the experts at Club Agency Insurance Brokerage in Garden City, New York today.

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At RMS and associated firms, business continues as usual. Our staff is remote-capable and available to handle all partners, brokers, and insureds at the present time. Contact us today!Executive Order for Policyholder Payments