Insurance Considerations for Home Renovation
We’re gearing up for a significant renovation on our home, which includes a large addition. Should I consider purchasing additional insurance or increasing my existing coverage? My current policies include home, auto, and umbrella insurance through Pure. Any advice would be appreciated!
$700 a Month for Liability Insurance I’m currently paying $700 a month for liability insurance on my 17′ Volkswagen Golf,…
OTL Exam Update! Hello everyone, I wanted to check in and see if anyone has taken the OTL exams lately.…
NJ Car Accident: Settle Privately or Use Insurance? I was in a car accident yesterday where I, driving a 2023…
It’s great that you’re planning a major renovation! When it comes to insurance during renovations, there are a few key points to consider:
Builder’s Risk Insurance: This type of insurance is specifically designed for homes undergoing construction or renovation. It typically covers damage to your property during the renovation process, including theft or vandalism of materials and supplies. Check with your insurance provider to see if this is something you should consider.
Increased Coverage Limits: Since you’re adding a large addition to your home, it’s wise to review your current homeowners insurance policy. The value of your home will likely increase once the renovation is complete, so you may need to adjust your coverage limits to reflect this.
Liability Coverage: If you’re hiring contractors for the renovation, ensure they carry their own liability insurance. However, it’s also a good idea to double-check that your liability coverage is adequate in case of any accidents during the renovation process.
Consult Your Agent: Since you have your home, auto, and umbrella policies with Pure, reach out to your insurance agent for specific advice regarding your situation. They can provide tailored recommendations based on the scope of your renovation and existing coverage.
Document the Renovation: Keep records of all changes and upgrades being made, along with receipts and photos. This documentation can be helpful when it comes to claims or adjusting your policy.
By taking these steps and discussing your renovation plans with your insurance agent, you can ensure that you have the proper coverage in place before you begin your renovation. Good luck with your project!