Home Renovation Projects and Insurance Coverage

Home renovation projects are a sure way to improve your living space, spruce up the home and increase the value of your home.  Adding a room or a whole section to your home, requires capital and great companies to make the process less difficult. Obtaining permits, contractors, and financing takes a lot of the joy out of a home renovation project, but most often than not the whole process can give you a sense of accomplishment, and the extra room you were needing.

If you already have most of the contractors ready to go, the financing approved, and the permits are in your possession, now is the time to call your insurance agent, and talk about the new home insurance policy you are going to need. As the renovation goes, you need to keep the insurance agent informed of the progress.  Accidents do happen and you need to be able to be financially covered if anything disastrous should occur.

Did you make sure the contractor or companies you hired have their own insurance coverage?

Accidents within your property may be catastrophic if you do not protect yourself.  Before you allowed a contractor to start the work, make sure he has insurance coverage/liability insurance and workers compensation up to date before he starts.  If they do not have the proper paperwork and an employee gets hurt, you can be sued for damages.

Receipts, contracts and any other pertinent information regarding the renovation should be kept within easy reach till the project is done, the insurance agent notified of all the changes, appraisals done and checked, and the construction is done to your specifications.  Any receipt related to the construction should be kept filed and safe should any problem emerge.

Almost anyone that starts a renovation project have an idea of what they want. They want the extra space,  a better kitchen, a bigger bathroom, or a new looking master bedroom. Regardless of what you want to do to your home, having an idea of what renovation projects will give you the most ROI can be financially advantageous for you.  If you are selling your home, and want to get the most for your investment, there are many home renovation companies that clearly state the best home renovations projects for you if you are selling or only improving your home.

As always, inform yourself before starting hiring and signing documents for a project done in your home. If you need more information about Insurance coverage or any other insurance issues, go to the Insurance Information Institute to learn more.