You’ve remodeled your home, awesome! The place looks great, you feel refreshed and satisfied and just increased your market value. End of story? Not yet. Because a remodeling project will likely add value to your home, updating you insurance is a must. If you don’t, those awesome improvements might not be covered if you file a claim.
Whether it’s kitchen remodel, a basement remodel, or that backyard putting green always contact your insurance agent before starting your project to make sure you have the right coverage. For the most part you, do but it never hurts to check!
FOUR THINGS TO DO BEFORE YOU START
Take pictures of the “before” and “after” renovation.
If you put furniture in storage, check to make sure you have coverage when your belongings are stored outside your home.
Check your liability to make sure you have enough coverage if someone gets injured when working for you at your home.
If you hire a contractor, make sure they have coverage by asking for a certificate of insurance.
After the project is done make sure your new renovation has enough dwelling coverage to reflect the new value of the home. Remember market value and reconstruction costs are different!
Home remodels may or may not increase your homeowner’s insurance coverage. It’s in your best interest to be upfront with your insurance company. You don’t want someone falling off your deck or twisting their ankle on that new putting green and risk having a claim being denied.
As always, it is a great idea to review your policy with your agent. Your home is one of the biggest investments you’ll make. Makes sense to make your coverage meets your needs. Call me if you have questions, or if I can help.
The Kirscht Insurance Agency