Home insurance is an important consideration as you plan your renovation project. You should work with your insurance agency before, during, and after your project to ensure your property is financially protected. Below, learn how the project will impact your home insurance policy and how you can stay protected with your new home.
Liability Coverage for the Project
Any type of renovation project brings new risks. You’ll have contractors coming onto your property and working with dangerous materials and tools. If someone gets injured or your property is damaged, you don’t want to be left liable for the bill. Your contractor should have some liability and worker’s compensation coverage of their own. In addition to that, you can talk with your agent about temporarily increasing your own liability coverage during the construction process. One important coverage your contractor won’t cover for you is no-fault medical protection, which is useful in case a visitor is injured at your home during the project.
Adjusting Your Policy for the Renovations
Changes to your home alter the property value. Talk with your agent about your plans before construction begins. They can give you an estimate of how it will change your policy. Some projects may raise your insurance costs, such as a pool or an addition. Meanwhile, other projects may lower it, such as a stronger roof or updated plumbing.
Take photographs of the site before, during, and after the project. Keep all receipts for your contractor’s costs and the materials purchased. You can submit these to your insurance provider at the end of the project, so they can accurately adjust your policy to provide coverage for these changes.
Stringer Insurance Agency provides home insurance to cover your financial interests throughout your renovations and beyond. Since 1931, they have been serving the communities of Gainesville and Dahlonega, GA, with dedication and compassion. They will customize a plan to fit your individual needs. Learn more about their coverage options online, then call the Gainesville office at (770) 531-9986 or the Dahlonega location at (760) 864-3515 to schedule an appointment.
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