Here’s why you should report your home renovation to your insurance provider.
If you are beginning a renovation on your home, you probably have a lot on your plate. However, in your rush to complete all your planning, it’s important that you do not forget to speak to your homeowners insurance provider about your remodeling plans.
Why does your insurer need to know about your home renovation?
When you renovate your home, its value will increase. It’s possible that your existing homeowners insurance policy will not offer enough coverage to meet this increased value. Rather than leaving yourself at risk for dangerous coverage gaps, you should report any changes to your home to your insurance provider. Your agent will help you secure the additional coverage you need to protect your renovation project.
What policy changes should I make?
Your agent will be able to advise you on how to best protect your home while it’s being remodeled. Oftentimes, they will recommend gradually increasing your policy’s coverage limits as the project progresses. If you are constructing a major addition to your home, such as a new room or garage, you might also want to list this addition in your policy to ensure that it is covered.
Do I need coverage for my contractor?
Any time construction work takes place, there is a risk for injury. However, it is up to your contracting company to provide workers compensation insurance for its staff. To ensure that you are not held liable for any injuries that take place on your property, check that your contractor and subcontractors (electricians, plumbers, etc.) have proof of insurance.
This is why you need to report your home renovation to your insurance provider. Do you need assistance with your homeowners insurance? Don’t hesitate to contact the experts at Stromsoe Insurance Agency in Murrieta, California. We are ready to get you covered today.