People choose to renovate their houses for several reasons, such as searching for more space in the bedroom or wanting to update how their present kitchen or bathroom looks.
Watching the transformation of your home in just a couple of weeks can be fun, but it is best to let your home insurance company in on your renovation plans. Informing your insurer is important so that you are in no way underinsured while the renovation is going on.
Importance of Renovating With Insurance in Mind
Renovations that include upgrading certain home appliances and using more costly building materials to change the look of your rooms require you to tell your insurance agent.
When you renovate your home without involving your home insurance agent, your coverage can no longer extend to the upgraded appliances you have. The result of your action ends in you having to pay the excess in the event of a disaster. This is because homeowners insurance policies are based on the present cost of your home when filing for coverage.
Does Home Insurance Cover Bad Contractors For Renovations?
Choosing to have contractors renovate your home is not a bad idea, as some others undertake it as a DIY project. When dealing with a professional contractor, you need not fear anything, as they should have updated liability, property, and workers' compensation insurance coverage.
Hiring a contractor that does not show you their certificate of insurance is someone you should not work with to be on the safe end. If you work with them and they damage your home, you cannot receive payouts from their insurance. You are risking your home investment and large sums of money by working with uninsured contractors.
Also, if you’re not pleased with your contractor's work, filing a claim with your homeowners' insurance gets you nowhere, as it is part of the losses excluded from the policy.
Additional Home Insurance Coverages You Need to DIY Renovate
Renovating your basement with help from friends and family can be an interesting experience, one you should go ahead and do after purchasing liability and medical payments coverage. Buying additional coverage is safe as renovations involve using foreign equipment that can cause serious injuries.
Make the process of renovating your home stress-free today by involving your insurance agent from the beginning to ensure your coverage is adequate for the changes you want to make. Avoid the consequences of not getting a proper permit before you begin renovations, as your home insurance won’t provide you coverage on that front.
At Jacob Insurance Solutions, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (817) 485-8989 or Click Here to request a free quote. Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!