Bill Quickel's - Insurance Plus Agencies Inc. Blog |
The first step when doing renovations in your home: Get in touch with your home insurance provider. Below, we'll run down the basics of what you need to know, but every insurance provider has their own rules regarding renovations, and the only way to avoid an insurance gap is to make sure that you keep them up to date every step of the way. You Will Want To Up Your Limits There are a lot of reasons, some obvious and some less-so, that you may want to up your limits when doing renovations, whether or not your insurer requires it. For instance:
Make Sure Your Contractors Carry Insurance Technically, anyone can start a private contracting company simply by putting a listing in the local paper. Make sure your contractors are the real deal, and fully insured. If one of their employees is injured, you want to be sure that the costs are covered on workers' comp, and not on your own liability policy. Reappraise The Home When Finished You may have been incrementally increasing your limits along the way, but it's still a good idea to have someone take a look at the finished product so that you can insure your home for what it's really worth. A beautifully renovated home is more than just the sum of its parts. Your home insurance provider will be a big help in guiding you through the process, so stay in touch with them, keep them up to date on how the project's coming along, and stay covered. Blog Post by: ITC
8 Comments
9/21/2020 01:19:17 pm
I had no idea that different insurance providers have varying rules when it comes to renovations. My wife and I are planning on buying a house and then fixing it up before we have kids. I'll be sure to look at different homeowner's insurance policies that allow us to renovate however we want before I get a house.
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10/13/2020 09:59:28 pm
Thank you for pointing out that when choosing a homeowners insurance, it is important for us to check their policy on home renovation. The other day my sister mentioned she would like to have her house renovated. I will remind her to look into her insurance policy prior to proceeding.
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11/26/2020 07:01:41 am
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12/16/2020 12:24:15 pm
I appreciate your information about how renovations affect insurance. My husband and I would like to get an add-on to the home we just bought. We'll make sure to tell any insurance agencies about our plan before we get coverage.
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12/25/2020 11:44:37 pm
Professional removal services do more than just get rid of the mold in your home. They also go on a mission to locate the source. There is testing for mold and it is done by the experts of the company.
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1/6/2021 11:26:19 am
I want to get a fixer-upper house for me and my wife to work on throughout the whole year. I had no idea that home insurance providers have different rules towards renovations. I'll have to find the right company that will let us go through with our plans without any conflict.
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1/25/2021 12:47:19 am
No matter which type of renovations you make, your existing coverage limits may be too low to match your home's post-reno value and liability. Always talk to your insurance agent before construction starts to find out if your existing policy will provide enough coverage during and after the renovation. If not, update your policy before any work begins. And if the renovation turns into a bigger project along the way—for example, you decide to add that hot tub, after all—keep your agent updated.
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1/27/2021 01:26:20 am
I was looking for this information relating to home insurance during renovations. You have really eased my work by posting this article, loved your writing skill as well. Please keep sharing more, would love to read more from you!
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