Deciding to remodel a home is not something that homeowners take lightly. Renovations can be pricey, time consuming and sometimes a huge inconvenience. On the other hand, your home may be much more livable with a renovation, and the value of the home could also increase.
If you are considering a home renovation, big or small, there are details to consider. 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.
Most standard homeowners policies allow for minor repairs and renovations without jeopardizing coverage but that doesn't go without possible exceptions. Go over your current home insurance policy with your insurance agent before beginning your renovations. Here are three areas that can leave you without coverage during a renovation:
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. Liability insurance is important, so request proof that your contractor or subcontractors have this form of protection.
Insurance like this is mostly to protect against liability that causes damage or injuries. Go over the policy to ensure you know when it expires, the limits involved, and the extension of the coverage. In most states this is required by law, however looking into it is wise. 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.
Keep in mind that you should be clearing the work site of any safety hazards, even if you are covered by insurance. 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. Most homeowners fail to increase their coverage beforehand and leave it without any protection. 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. For more intensive renovations, you and your family may have to stay in temporary accommodations during the process, and at this time your standard home insurance policy might not provide any protection at all.
According to recent research, most insurers discontinue coverage on a home that's unoccupied for more than 30 days. If you are in this category, you'll need additional coverage. A vacancy permit may be granted by some insurance providers, which will protect against certain perils such as wind and fire. A vacant home has a greater chance that damage or loss could occur, so vacancy insurance is something that a lot of insurance providers are wary about insuring. When your home is being renovated and will be empty for a time, be sure that you speak with your home insurance provider.
If you are considering a home renovation, big or small, there are details to consider. 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.
Most standard homeowners policies allow for minor repairs and renovations without jeopardizing coverage but that doesn't go without possible exceptions. Go over your current home insurance policy with your insurance agent before beginning your renovations. Here are three areas that can leave you without coverage during a renovation:
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. Liability insurance is important, so request proof that your contractor or subcontractors have this form of protection.
Insurance like this is mostly to protect against liability that causes damage or injuries. Go over the policy to ensure you know when it expires, the limits involved, and the extension of the coverage. In most states this is required by law, however looking into it is wise. 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.
Keep in mind that you should be clearing the work site of any safety hazards, even if you are covered by insurance. 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. Most homeowners fail to increase their coverage beforehand and leave it without any protection. 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. For more intensive renovations, you and your family may have to stay in temporary accommodations during the process, and at this time your standard home insurance policy might not provide any protection at all.
According to recent research, most insurers discontinue coverage on a home that's unoccupied for more than 30 days. If you are in this category, you'll need additional coverage. A vacancy permit may be granted by some insurance providers, which will protect against certain perils such as wind and fire. A vacant home has a greater chance that damage or loss could occur, so vacancy insurance is something that a lot of insurance providers are wary about insuring. When your home is being renovated and will be empty for a time, be sure that you speak with your home insurance provider.
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