Скачать или смотреть Home Remodeling Can Impact Your Home Insurance | Insurance Explained

Are you planning a home remodel? Contact your insurance agent to discuss how your home insurance policy will be impacted.

You’ve hired a reputable builder, collected paint swatches and selected the siding and now you’re finally ready to start that long-awaited remodeling project.
Whether your addition budget is large or small, you are adding both the value of your home and your exposure to risk. To ensure that your project goes smoothly and that you have the coverage you need, here’s what you need to know.

The best way to minimize your renovation risk is to hire a reputable general contractor for the job. As part of the biding process, ask the general contractor to provide a Certificate of Insurance and/or copies of the policies. Check for coverage for the following:
• Workers’ compensation
• General liability: Ask that you are added as an “additional insured.”
• Builders risk:
If you decide to do it alone and manage a renovation yourself, you assume all the risks. A review of your homeowners coverage for liability and property is important, since you are assuming more risks and exposures.

If a friend or relative helps out as a favor and gets injured, your homeowners insurance typically covers the cost of their injuries, up to your policy limits. For an extra layer of protection, it’s a good idea to also carry umbrella liability coverage, which kicks in to provide liability coverage above your homeowners limits.

Experts estimate that 1 out of 4 remodeling projects adds at least 25% to the value of a home, yet often most homeowners forget to increase their coverage to protect their investment. Most homeowners insurance policies require 100% of the home’s replacement cost, so it’s important to raise your home’s policy limit before your project begins.

For more information about how home remodels impact your insurance policy, contact Watkins Insurance Group.

We’re here to help.

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