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home renovation insurance

Insurance and Your Home Renovations

Home is where life happens. It’s where you raise kids, host family, and live your life everyday. Renovating your home can be a huge undertaking. Protecting your home during and after making improvements is important. Having insurance can help you if something unexpected happens.

Read Up on Your Current Homeowners Policy

Before starting any project, make sure that your current homeowners insurance will still cover you during a renovation. It’s a good idea to call up your insurance agent to double check. You can also discuss your specific project so they can advise you on proper coverage. It never hurts to double check!

Making Your Home Bigger

Increasing the size of your home through an addition can help accommodate your life. But just keep in mind that by increasing the square footage of your home, you are also increasing other costs. You’ll need to let your insurance company know that the size of your home is increased. A larger home is typically more expensive to repair if something unexpected happens. Keep these cost factors in mind as you plan your renovation. You may also need a replacement cost estimation for your home insurance.

Solar Panels

Solar panels are just one way that homeowners try to make their home more green. While they are a great eco-friendly option, you should let your insurance company know of this change. You may have to increase your dwelling coverage to accommodate new solar panels. Again, keep this in mind as you go through your renovation process.

Adding Decks

A new deck or porch is a great way to enjoy the outdoors. Backyard BBQs and summer nights are often enjoyed on a deck. But similar to a home addition, adding a new deck or porch increases the replacement cost of your home. Contact your insurance agent to talk about how adding such a structure would affect your insurance costs. You may need to increase coverage limits to address the new extension of your home.

Pools

Pools are fun summer additions! However, they are notorious for being dangerous. They are hazards especially for kids and pets. If you decide to add a pool, make sure that you also implement increased safety measures, such as adding a fence around your pool. Pools can increase your homeowners insurance costs because they can be a huge liability. You will need to tell your insurance company if you decide to add a pool to your home. Check out these pool safety tips to get you started!

Contractors

Before you hire someone to do your home remodeling, make sure they have the proper coverage. Many contractors will have general liability coverage specific to their profession. It’s a good idea to double check this in the event of an accident. Home renovations are often unpredictable, so having coverage in place can help with that.

Before you break out your hammer and nails and get going call your insurance agent. They can help you make sure that your homeowners insurance is ready for a home renovation. Especially during a home upgrade, things can go wrong. Hopefully they don’t, but it’s always better to expect the worst.

Call an Encharter agent today at 888.754.8299 and ask about how a home renovation could impact your insurance needs!

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