Renovations and Home Insurance: What You Need to Know

  • Blog
  • Renovations and Home Insurance: What You Need to Know
Sonja Ziemann Insurance Agency Blog -

Embarking on a home renovation project is an exciting endeavor that can breathe new life into your living space and add value to your property. However, amidst the anticipation and creativity that renovations bring, it's crucial not to overlook the impact they can have on your home insurance.

Coverage Adjustments

Renovations can increase the value of your home, and it's essential to ensure that your home insurance coverage reflects these changes. Contact your insurance provider to discuss adjusting your policy to cover the updated value of your property. Failing to do so could leave your home underinsured in the event of a claim. Here's a common list of renovations that likely would warrant policy updates:

  • Kitchen Remodel
  • Bathroom Renovation
  • Room Additions
  • Basement Finishing
  • Roof Replacement
  • New Windows or Doors
  • Deck or Patio Addition
  • Swimming Pool Installation
  • Energy-Efficiency Upgrades
  • Home Office or Studio
  • Major Structural Changes
  • Landscaping and Outdoor Improvements
  • Security Upgrades
  • Garage or Carport Addition

Vacant Home Insurance

If your renovation project involves making your home temporarily uninhabitable due to construction, you may need vacant home insurance. Standard home insurance policies typically have restrictions regarding vacant homes, and this specialized coverage can bridge the gap during renovation periods.

Builder's Risk Insurance

For major renovations or construction projects, builder's risk insurance can be invaluable. It provides coverage for property damage and theft of building materials during the renovation process. This coverage safeguards your investment from unexpected setbacks.

Safety Considerations

Safety during renovations is not only essential for the well-being of those involved but also a factor that can impact your insurance. Ensure that contractors and workers adhere to safety guidelines to minimize the risk of accidents. A safe renovation environment can help prevent liability claims on your insurance.

Home Renovation Safety Tips

Safety should always be a top priority during home renovations. Here are some safety tips to consider:

  • Secure Tools and Materials: Keep tools and construction materials securely stored to prevent accidents and theft.
  • Hire Licensed Contractors: Ensure that contractors and workers are licensed and insured to minimize liability risks.
  • Notify Your Insurance Provider: Inform your insurance company about the renovation project and discuss any safety precautions required for coverage.
  • Regular Inspections: Conduct regular safety inspections to identify and address potential hazards promptly.

Remember that communication is key. Discuss your renovation plans with us to ensure you have the right coverage in place. By taking these steps and staying mindful of safety considerations, you can enjoy the benefits of your renovated home with confidence, knowing that both your investment and your family are well protected.