Remodeling your home? Call your agent first!
You’ve remodeled your home. It looks great and your property value has increased. That’s all you have to do, right? Wrong! Did you remember to contact your insurance agent to discuss how this new addition is insured?
Industry experts estimate that ¼ of all remodeling projects increase a home’s value by at least 25%. That’s great, except for the fact that many of those homeowners who are doing the remodeling never contact their insurance agent to increase their homeowner coverage. Don’t be one of them! Contact your agent before you start remodeling. Listed below are some things you need to keep in mind.
Take before and after photos of your home. Check with your agent to see if they need copies of the photos.
If you need to put any of your furniture and personal items in storage during the remodeling, make sure those items are still covered by your policy if they are stored in a facility away from your home.
Work with your agent to determine what the new insurable value of your home should be. He or she can help you determine how much additional property coverage you will need based on the extent of your remodeling.
Increase the coverage on your home BEFORE the work begins. If you don’t, and the new addition or improvement is damaged or destroyed before it is completed, you will probably have to pay for the loss out of your own pocket.
Make sure that the workers performing the renovations have proper insurance coverage.
Keep your agent informed about the progress of the remodeling in case your plans change and a different level of coverage is needed.
Be proactive! Whether you are making minor kitchen renovations, adding a porch or a deck, or building on a new family room, contact your homeowner insurance agent in advance to make sure that you and your home are adequately covered.