Deciding to remodel a home is not something that homeowners take lightly. It's usually pretty costly to do, and take a huge amount of time and effort. The benefits of remodelling are quite compelling, including a higher resale value, and the fact that your home will be more comfortable.
No matter the size of the renovation you are planning, there are many considerations involved. You'll have to figure out your budget, what all you want done and the best time to have it done. But before you get too far along in the process, keep in mind that your project could impact your home insurance.
Minor repairs or renovations usually don't affect most home insurance policies, but exceptions may apply so check into that to be sure your coverage is still in full effect. Prior to beginning your remodelling, take a look at your home insurance policy and speak with your insurance provider. These are three of the possible exceptions in your policy that may affect your coverage:
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. Be sure to investigate what the extension of the coverage is, when the policy will expire, and the limits. It's required by law in most states, but it's still important to check. Accidents do happen at job sites and when they do, you'll want to make sure that the worksite and workers on it are properly insured.
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. Lawsuits can be filed if there is negligence involved. Always hire safe contractors recommended by family and friends.
Prior to commencing with the renovation process, calculate how much your property will be worth after the remodelling is complete. If the coverage is not increased, there will not be enough protection, and many homeowners fail to do this. Speak with your insurance provider to ensure that you are properly covered during your renovation and after.
Sometimes renovations can leave your home more exposed to potential risks such as damaging weather or theft. 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. Some insurers may grant you a vacancy permit, which covers some perils like fire and wind. 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. You'll have to figure out your budget, what all you want done and the best time to have it done. But before you get too far along in the process, keep in mind that your project could impact your home insurance.
Minor repairs or renovations usually don't affect most home insurance policies, but exceptions may apply so check into that to be sure your coverage is still in full effect. Prior to beginning your remodelling, take a look at your home insurance policy and speak with your insurance provider. These are three of the possible exceptions in your policy that may affect your coverage:
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. Be sure to investigate what the extension of the coverage is, when the policy will expire, and the limits. It's required by law in most states, but it's still important to check. Accidents do happen at job sites and when they do, you'll want to make sure that the worksite and workers on it are properly insured.
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. Lawsuits can be filed if there is negligence involved. Always hire safe contractors recommended by family and friends.
Prior to commencing with the renovation process, calculate how much your property will be worth after the remodelling is complete. If the coverage is not increased, there will not be enough protection, and many homeowners fail to do this. Speak with your insurance provider to ensure that you are properly covered during your renovation and after.
Sometimes renovations can leave your home more exposed to potential risks such as damaging weather or theft. 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. Some insurers may grant you a vacancy permit, which covers some perils like fire and wind. 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.
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