Insurance Coverage for Renovation
We’re gearing up for a significant home renovation, which includes a large addition. Should I consider purchasing additional insurance or increasing my existing coverage? I currently have home, auto, and umbrella insurance with Pure.
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It’s great that you’re planning for your home renovation! During a major renovation, it’s definitely a good idea to review your insurance coverage. Here are a few steps you should consider:
Update your Homeowners Insurance: Contact your insurance provider (Pure) to inform them about your renovation. They might recommend increasing your dwelling coverage to reflect the added value of your home post-renovation.
Builder’s Risk Insurance: If you’re undertaking a large addition, you might want to consider obtaining builder’s risk insurance. This type of insurance covers your home while it’s under construction and protects against hazards like theft, vandalism, and damage due to certain perils.
Liability Coverage: Ensure that your liability coverage is sufficient, especially if workers will be on your property. Accidents can happen, and having adequate liability coverage can protect you from potential claims.
Check Your Contractor’s Insurance: Make sure your contractor has liability and worker’s compensation insurance. This protects you from potential liability related to their work.
Document Your Belongings: Before the renovation starts, document your home and belongings in case you need to file a claim later on.
Review for Code Upgrades: Sometimes, renovations require updates to existing systems (like electrical or plumbing) to meet current codes. Verify with your insurance if any code upgrade coverage is needed.
It’s always best to communicate openly with your insurance agent about your renovation plans so you can ensure you’re adequately covered during this time. Good luck with your renovation!