A Guide to Getting Homeowners’ Coverage During Renovations

Making improvements to your home can increase its overall value and provide you with a more comfortable living experience. You will need to do certain things before you start the renovation process. Designing your new space and choosing the right materials is only part of the process. There are several decisions you will have to make. You’ll also need to meet with your insurance agent to let them know what you will be doing so that they can provide you with the appropriate coverage.

Ready to Renovate?

When all of your plans are in place, and you are ready to start the actual renovations, you will need to make an appointment with your insurance agent. It’s a good idea to have a copy of your contractor’s insurance coverage to include with your construction plans. By letting them know what your plans are, they will set you up with additional coverage for your construction materials and your increased liability. Try to opt for a coverage plan with broad coverage to be on the safer side.

Construction Risks

When you renovate or upgrade your home, you increase your risk of construction-related liability issues. Even if you are performing the renovations yourself, there is an additional risk of injury or damage to your home. If you are forced to live somewhere else during the renovations, you will need to purchase what is commonly known as a Home Under Construction policy to protect your home while you aren’t there.

Protect Your Materials

The building materials and appliances you have purchased as part of your renovation do not become part of your home until they have been used. This means they may not be covered if they are stolen or damaged in a catastrophic event. To prevent any type of loss from occurring, you will need to talk to your insurance agent to ensure that the building materials are covered while they are waiting to be used. It’s important to take every precaution when protecting your building materials and tools. If they can be locked up in the garage or house, that would be most beneficial. If they are stored outside, it is important to keep them covered and secured at all times in whatever fashion possible.

Adjust Your Coverage

As your renovation nears completion, you will want to meet with your insurance agent again. This time you will need to eliminate the coverage for construction materials and construction liability. Instead, you will want to insure the home for its new value. This may involve having the home inspected and appraised to determine the new replacement or cash value. It’s important to have sufficient coverage to pay for the repairs or replacement of anything new you have added.

If you are thinking about renovating your home or upgrading one of its many systems, your first phone call should be to a reputable agent. The agents at Duane Weber Insurance are always available to help you find the right policy for your needs before, during, and after the renovations. Call today and schedule an appointment to learn more