But have you ever thought of reaching out to your insurance agent as you remodel your home? Because you should!
There are risks when your policy limits aren’t enough to cover the increased value of your home after any improvements. If your home gets damaged and you need to repair or reconstruct it, you’d want to know whether your policy is enough to cover the costs. So don’t forget to tell your agent about the improvements you’re making. And also don’t hesitate to ask if you need to increase your limits.
What changes should you make to your homeowners insurance policy?
Before you start home improvement, you should ask your agent if you need to update your current policy. It would make more sense to increase the limits as you work on your project. If it’s a major remodeling project (e.g. adding a new room), you might want to add that to your policy and increase your coverage.
Does your contractor have insurance?
You also have to think about the risks that your contractor faces while working on your property. Start by asking whether they are adequately insured with workers’ compensation and liability insurance. If yes, then request a proof of insurance. Do the same if you have any subcontractors.
What if your home improvement project is a DIY?
Well, we want to save on expenses, right? So why not do it ourselves? If you want to DIY and have a friend over to lend you a hand, determine whether your liability coverage is enough.
You may not expect this, but you’re still at risk of a lawsuit when your friend gets injured while helping you out. That’s why it would be a wise idea for you to increase your no-fault medical coverage. This coverage covers medical bills and lessens the chances of you being sued.
It is important to be organized. Keep copies of your contracts and receipts for the materials you used for the project. Document the process before, during, and after remodeling. Doing so will help you protect against the risks you face every day.
Our goal here at Sungate Insurance Agency is to give you a peace of mind. We will help you get properly covered from the financial risks you may face in the future. We have various insurance carriers that will offer you homeowners insurance policies that best suits your needs at a reasonable price. To get an estimate on your insurance rate, you may get a quote for free by clicking here. You can also contact us for free consultations. Call us at (407) 878-7979 or drop by our office today!