Spring for many people is a time when we start thinking about remodeling our homes. From remodels as simple as changing the wall color, to putting in new floors. Then there are the extensive remodels that may include replacing a roof, siding on your home, putting in a new kitchen, adding a deck or addition to your home.
You want to make sure you have the proper insurance coverage for any new additions you add to your home. Don’t wait till the project is complete to call your insurance agent to increase coverage on the structure of your home.
Some other things to keep in mind when remodeling your home. If you have a contractor doing the work for you, you’ll want to make sure you see a copy of their general liability insurance and if they have employees or subcontractors, their worker’s compensation policy. If their workers or subcontractors are injured on the job they could end up suing you for medical or rehabilitation expenses if they are not covered properly.
General Liability Insurance covers negligence or omissions that could damage your property or injure people. Another coverage your contractor should have is builder’s risk. This insurance covers damage to your home and building supplies, including materials not yet installed.
Once the project has been completed the value of your home will more than likely have increased. You’ll want to talk to your insurance agent to discuss this so they can recalculate the replacement value on your home an adjust your coverage accordingly.
Once last thing to consider is coverage for your personal belongings. During the remodel you may have purchased new furniture or electronic equipment. You’ll want to advise your insurance agent of these changes as well to make sure you have the proper insurance coverage for these new items in your home.
Penny Hanley & Howley Insurance
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