Are you in the market for some home remodeling? Perhaps you are looking for a kitchen or bathroom upgrade, adding a new addition, or installing a pool. Remodeling your home not only adds to the appearance, it also adds value to your property. Before pursuing your home remodel, check with your insurance provider to ensure your property is protected during the remodeling process. Depending on the project’s scope, the experts at Signet Insurance Group recommend doing the following three things to ensure you have enough coverage to protect your home and personal property.
1. Update the Coverage Limit
If your home remodeling includes an addition with new lighting, fixtures, and appliances, the experts at Signet Insurance Group recommend increasing the dwelling and personal property coverage to ensure you have enough protection to cover the latest upgrades.
2. Update Your Medical Expenses Coverage
It’s also prudent to augment the size of your medical expenses coverage, especially if you plan on a DIY renovation and utilizing help from friends. Your medical expenses coverage will cover medical bills if someone has an accident on your property.
3. Update Your Personal Property Coverage
Regardless of how careful you are, it’s not uncommon for something to break during construction. Ensure you have enough personal property coverage insurance to cover damage to furniture, electronics, clothing, and other personal items.
Which Home Renovations May Impact the Cost of Homeowners Insurance?
Regardless of the renovation or home remodeling project type, it can affect your home’s value and impact your homeowner’s insurance. For example, you are installing a new roof, remodeling your kitchen and bathrooms, adding a new deck or porch, replacing windows, adding a screened-in porch, installing a swimming pool, or basically any project that changes or adds to your property. The experts at Signet Insurance recommend checking in with your insurance agent before beginning any home remodeling projects to ensure you have the correct amount of coverage should a problem arise that cause damage to your property.
Other Types of Home Remodeling Insurance Policies
Other than your basic homeowner’s insurance, there are two different types of policies you should educate yourself on before beginning any remodeling projects. Knowledge is power, and even though both policies are your contractor’s responsibility, you will want to understand what they are before checking to see if your contractor is appropriately insured. The first policy, builders’ risk insurance, covers losses from fire damage, vandalism, and stolen materials. The second policy, general liability insurance, protects the contractor from property damage and personal injury lawsuits. A contractor with insurance is a better financial risk than one without insurance. When hiring a contractor, make sure you get proof of insurance first. Ensure their current insurance doesn’t expire until your project is complete.
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Contact the experts at Signet Insurance Group today to learn more about homeowners insurance and home remodel insurance considerations for your home.
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