If youre thinking of making home improvements this year, it is rather important that you review and quite possibly update your homeowners insurance policy prior to getting started. Whether you intend to hire professionals or get some friends and family to pitch in with the project you need to make sure that everyone and your home is properly protected.
1. Contact Your Insurance Provider
Lets say you have homeowners insurance in florida. You will need to contact that company to let them know you plan on making some changes to the house. Your agent will let you know if you need to increase coverage and if so, by how much. They will review your policy to ensure that your home is fully protected during the renovation.
2. Increase Coverage Amounts
Keep in mind that once the renovation is completed, the value of your property will increase. Since youll have more to protect you may need to increase coverage. Increasing coverage before the renovation starts as opposed to when its finished will ensure that youre financially covered should there be any damage to the house during construction.
3. Make Sure Everyone is Properly Insured
When looking to hire a contractor to begin the renovations on your home make sure that theyre properly insured. If you dont, you could be looking at a lawsuit should they fall or get injured. Therefore, as youre searching for potential contractors be sure to ask about both liability and workers compensation coverage and ask to see proof. Any contractor that isnt legit wont have this documentation and you should move on to someone else who has adequate coverage.
4. Make Sure Your Family is Covered
In the event that youre completing a project on your own with the help of some friends or family members, you want to make sure theyre covered. Though your homeowners insurance liability coverage will typically pay for any medical bills, it is still a good idea to ask those helping you if they have coverage.
Home renovations can be a great way to bring life back into a house youve lived in for a while. Whether you plan on doing the improvements yourself or calling in the experts, the first step to renovating is to make sure that you, your loved ones, your belongings, and your property are protected in the event of an accident. Each of these four steps will make sure that youre covered so you can move on with transforming your home without incident.
