Here’s why you need to adjust your homeowners insurance if you are planning to remodel.
If you are planning to undertake a major home renovation project, there’s no doubt that you have a lot on your plate. However, between choosing a contractor and selecting your new appliances, you need to call your home insurance provider and inform them of your plans. Here’s why reporting your remodel is so important for your coverage.
Why do I need to report my home remodel?
Anytime you renovate your home, its value will increase. As your current policy may not offer enough coverage to fit this updated value, it’s important that you report your plans so you can secure the additional coverage that you need.
What policy changes should I make?
Your agent will be able to offer you advice on how best to insure your home as it undergoes renovations. Oftentimes, insurers will suggest gradually increasing your policy’s coverage limits as the remodelling project progresses. If you are making a major addition to your home, such as a new room or garage, you should specifically list this addition in your policy to ensure that it is covered.
Do I need coverage for my contractors?
While there is a risk for injury any time construction work takes place, it is the construction company’s responsibility to offer coverage for their workers. To ensure that you are not held liable for any injuries that take place on your property, you should check to make sure that your contractors and subcontractors (electricians, plumbers, etc.) have the right workers compensation and liability insurance in place.
This is why you need to update your homeowners insurance policy to cover your home renovation. Do you need further assistance with your home coverage? If so, don’t hesitate to contact the experts at Phocus Insurance in Phoenix, Arizona. We are ready to get you the coverage that you need today.
