Renovations have become increasingly prevalent in recent years as people prefer to update or extend their existing living space rather than relocate. If you plan to renovate your property, you may require the appropriate home insurance. In any case, it is usually a requirement that you notify your insurer BEFORE any work begins.
Although insurers have no hard and fast rules for what they will accept, it is usual to have restrictions or conditions placed on your policy according to the type and value of work being done, as well as the security of the home throughout the restoration process.
Always check with your insurance provider before beginning any work to ensure that they can give you coverage. Failure to do so may result in the cancellation of your insurance coverage.
What Does Home Insurance Cover?
- Home insurance covers the following:
- The value of your residence if it gets damaged or destroyed.
- Your contents, including furniture and other valuables.
- Personal injury claims if you are injured on your property during a storm or fire.
- Loss of income if you are unable to work because of damage to your house
In addition, many insurers will cover additional items such as:
- Replacement of items that are lost or damaged in a fire.
- Repair costs of your home if it is broken into and burglarized.
Some policies will also cover small home modifications like redecorating or do-it-yourself projects. Most home insurance policies do not cover major modifications like extensions or loft conversions, which is where a specialist home insurance provider may help.
What Does Home Renovation Insurance Cover?
Home renovation insurance can protect your home during the renovation process.
- It can cover the cost of materials and labor for any work you undertake on your home, as well as the cost of repairing or replacing damaged items.
- The policy will also provide coverage for loss of income if you are unable to work because of damage to your house during a renovation project.
What Are the Best Policy Modifications to Implement?
Before you start renovating, check with your home insurance agent to see whether you need to update your current coverage. Your agent may advise you to increase the amount of insurance you have to rebuild your property, depending on the specifics of your renovation.
- Increase your liability coverage limits during the process of renovation
- Post refurbishment, increase your liability coverage limits to include new items
- Increase your property insurance coverage
Coverage for “dwellings under refurbishment” should be included. Adding insurance for a vacant house is essential.
When getting a quote, always inform your insurer of the worst-case scenario (that is, the highest potential project expenses and the longest possible amount of time you would be without a house), and keep your insurer up to date if things change during the project.
Renovate Your House with Gee Schussler!
Before you start remodeling, check with your insurance agent to verify if your current coverage will cover you adequately before and after the project. Always make sure your policy is up to date before starting any work. Looking for reliable home renovation insurance policies? Contact our experienced team at Gee Schussler Insurance to help you at every step of the process.
