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Planning and carrying out home renovations involves dealing with a team of people and a variety of issues. As a wise planner, your team should include your insurance agent and a home insurance policy review. Here’s why updating your policy goes along with remodeling a kitchen, bathroom, or basement.

What to Do About Home Insurance When Renovating

Protect Property and Workers During Remodeling

Before you or the contractors start sawing and hammering, tell your insurance agent about your remodeling plans. Check for adequate coverage in case anyone suffers injury or property damage occurs on the premises during construction.

Keep all receipts and invoices and take photos and videos before, during, and after the project is complete. This documentation supports the amount of insurance you purchase and helps justify any future claims.  

Calculate Changes in Your Property’s Value

home-insuranceYour home insurance policy coverage and cost are based on the property’s value. Making changes, such as turning an unfinished basement into a man cave or expanding the kitchen, adds value to the residence. Increasing your insurance coverage brings it in line with the property’s higher value.

Ensure Adequate Coverage After Renovation

You may need additional coverage or riders for improvements such as high decks, swimming pools, and hot tubs. Make sure all work is performed in compliance with local building codes and all required inspections are completed.

When adding personal property, installing higher-grade appliances or fixtures, or using the property differently than before the renovation, tell your insurer. If an accident happens, you want to be protected by the right coverage in a sufficient amount. Ask about home insurance discounts for items such as security systems, fire protection and detection devices, and multiple policies such as life or auto insurance.    

  

When you are ready to invest in home upgrades, the team at Kramer-Myers & Werring-Dickerson Insurance will ensure you have the right home insurance coverage for your circumstances. Based in Batavia, OH, these professionals offer clients close to 60 years of experience in choosing the perfect policy. Visit their website for more information on how they can serve you. Call (513) 732-1461 to schedule a consultation and obtain an insurance quote.

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