Remodeling Your Home? Why you need to take a look at your insurance policy

April 3, 2013

Most home owners always have a few remodeling projects in mind, and it’s an exciting time when you finally get to dig in on them. In addition to planning the work and hiring contractors, you’ll also want to take a look at your homeowner’s insurance policy.

Homeowners Insurance during a Remodel

Your home will be a construction zone during the remodel, so you need to assess whether you have adequate insurance of your own, in addition to other ways to manage the risks. In particular, if you’re hiring contractors, request a copy of their insurance and discuss it with your insurance agent.  You can likely be added to the contractor’s insurance policy and have some protection extended to you.  Ultimately, as the owner of the premises, you are responsible so having the advice of your insurance agent is critical.

Adjusting Insurance after a Remodel

Remodeling your home almost always adds value, which means your home will be more expensive to repair or rebuild if it were to be damaged or destroyed. Therefore, you’ll need to increase the total value of your homeowner’s insurance policy to reflect the changes. If your remodel included the addition of security features or more durable materials, these may earn you discounts.

Here at Central Insurance, we would be happy to help you take a look at your policy before, during, or after remodeling your home. Contact us today to speak with an agent.