Insurance Considerations for Home Renovation
We’re gearing up for a significant home renovation, which includes a large addition. Should I consider purchasing additional insurance or increasing my current coverage limits? At the moment, I’m insured with Pure for home, auto, and umbrella policies.
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It’s great that you’re thinking about insurance as you begin your home renovation! When undertaking a large addition, it’s wise to review your current policy and consider the following:
Coverage Limits: Check if your existing homeowners insurance has adequate coverage for the increased value of your home after the renovation. If the addition substantially increases your home’s value, you may need to increase your dwelling coverage limits.
Builder’s Risk Insurance: This type of insurance covers your home during the renovation process, protecting against risks like theft, vandalism, or damage. It’s particularly important if the renovation is extensive and may take a while to complete.
Contractor Insurance: Ensure that the contractors you hire have their own liability insurance and workers’ compensation. This will protect you from any liabilities related to injuries or accidents that occur on the job.
Temporary Housing: If you plan to live elsewhere during the renovation, check if your current policy covers additional living expenses (ALE) while your home is being worked on.
Endorsements or Riders: You might consider adding endorsements or riders to your existing policy for coverage related to specific renovations, especially if you’ll be installing high-value materials or features.
It’s always a good idea to discuss your specific renovation plans with your insurance agent. They can provide tailored advice and help ensure you have the right coverage during and after the renovation.