For many homeowners, choosing to do a remodel is a big decision. It's usually pretty costly to do, and take a huge amount of time and effort. On the other hand, your home may be much more livable with a renovation, and the value of the home could also increase.
No matter the size of the renovation you are planning, there are many considerations involved. Staying on budget is of utmost concern, and then there is the timeframe for the work and choosing the right time to do it. With all of the planning people do, they sometimes forget that their home insurance could be affected by this work.
For a regular home insurance policy, minor renovations and repairs will not usually affect the coverage, but talk to your provider to be sure that your work is not in the list of exceptions that may apply. Before starting a remodelling project, you need to brush up on your current policy and talk to your insurance agent. Three of the likely exceptions that may affect your insurance coverage during renovations are:
If you are planning on hiring a contractor to work on your home, then you need to talk about insurance before having their crew set foot on your property. Ask both the contractor and his or her subcontractors for proof of liability insurance.
The main reason for this kind of insurance is to protect against liability which could cause serious damage to the home, or injuries to anyone involved. You'll want to check out the limits, extension of the coverage and the date the policy expires. It is something you should do, even though in the majority of states it is required by law. Worksites unfortunately are places where accidents will occur, and if this happens on your property, be sure that everyone involved is covered by insurance.
Being covered by insurance isn't a reason to have lax safety standards, be sure that any hazardous situations on the site are dealt with properly. Negligence claims can easily end up in court. Be sure that your contractors are vetted by people you trust before you hire them.
Prior to commencing with the renovation process, calculate how much your property will be worth after the remodelling is complete. The majority of homeowners leave themselves with no protection because they neglect to increase their insurance coverage. Speak with your insurance provider to ensure that you are properly covered during your renovation and after.
While certain kinds of renovations are being completed, your home could be more susceptible to theft or damages from weather. Sometimes a family may be required to stay somewhere else during extensive remodelling, and if this is the case, the basic home insurance policy might not be applicable.
According to recent research, most insurers discontinue coverage on a home that's unoccupied for more than 30 days. Extra coverage will be necessary if this is applicable to you. A vacancy permit may be granted by some insurance providers, which will protect against certain perils such as wind and fire. Most insurance companies are wary about providing this kind of coverage for vacant homes because the likelihood of loss or damage is increased during this time. If you are planning to be out of your home for a renovation you should consult with your insurance agent.
No matter the size of the renovation you are planning, there are many considerations involved. Staying on budget is of utmost concern, and then there is the timeframe for the work and choosing the right time to do it. With all of the planning people do, they sometimes forget that their home insurance could be affected by this work.
For a regular home insurance policy, minor renovations and repairs will not usually affect the coverage, but talk to your provider to be sure that your work is not in the list of exceptions that may apply. Before starting a remodelling project, you need to brush up on your current policy and talk to your insurance agent. Three of the likely exceptions that may affect your insurance coverage during renovations are:
If you are planning on hiring a contractor to work on your home, then you need to talk about insurance before having their crew set foot on your property. Ask both the contractor and his or her subcontractors for proof of liability insurance.
The main reason for this kind of insurance is to protect against liability which could cause serious damage to the home, or injuries to anyone involved. You'll want to check out the limits, extension of the coverage and the date the policy expires. It is something you should do, even though in the majority of states it is required by law. Worksites unfortunately are places where accidents will occur, and if this happens on your property, be sure that everyone involved is covered by insurance.
Being covered by insurance isn't a reason to have lax safety standards, be sure that any hazardous situations on the site are dealt with properly. Negligence claims can easily end up in court. Be sure that your contractors are vetted by people you trust before you hire them.
Prior to commencing with the renovation process, calculate how much your property will be worth after the remodelling is complete. The majority of homeowners leave themselves with no protection because they neglect to increase their insurance coverage. Speak with your insurance provider to ensure that you are properly covered during your renovation and after.
While certain kinds of renovations are being completed, your home could be more susceptible to theft or damages from weather. Sometimes a family may be required to stay somewhere else during extensive remodelling, and if this is the case, the basic home insurance policy might not be applicable.
According to recent research, most insurers discontinue coverage on a home that's unoccupied for more than 30 days. Extra coverage will be necessary if this is applicable to you. A vacancy permit may be granted by some insurance providers, which will protect against certain perils such as wind and fire. Most insurance companies are wary about providing this kind of coverage for vacant homes because the likelihood of loss or damage is increased during this time. If you are planning to be out of your home for a renovation you should consult with your insurance agent.
About the Author:
We offer the only Sudbury Home Insurance policy that can be truly tailored to your needs. Get a quote and buy a policy online or by phone. Or check out our Home Insurance video.
No comments:
Post a Comment