One of the most exciting parts of being a homeowner is having the freedom to renovate your property. However, while these improvements may offer a lot of advantages, they may also impact your homeowners insurance. If you’re thinking about renovating, here’s what you should know about your coverage.

Updating Insurance Before Renovations

Before starting a renovation, contact your insurance agent to make sure your policy benefits offer enough coverage. Standard homeowners insurance typically won't cover damages that occur due to a renovation, such as a burst pipe that causes water damage during construction or a visitor who's injured in the work area. It won't also cover damages to building materials used for the project. Fortunately, you can purchase additional temporary coverage to protect you from these losses.

Hiring a Professional Contractor

If a job is complicated or unsafe, your insurance provider may require you to hire a licensed contractor. If you opt to do the job yourself, you may be held liable for any damages that occur, unless you purchase additional insurance for self-conducted projects.

Beyond safeguarding your homeowners insurance coverage, hiring a qualified contractor offers many advantages. Specifically, these professionals will have additional insurance to cover damages or injuries they cause. They may also provide warranties to protect against future damages to the project.

Managing Homeowners Insurance After Renovations

In some cases, new features—such as room additions, decks, or upgraded flooring—may not be covered under the assets listed on your current policy. Updating will help ensure these improvements are protected.

Certain projects may also lower your home insurance rates. For example, new roofing, plumbing, or electrical wiring enhances the safety of your property and can reduce your premiums as a result. On the other hand, some improvements, such as a pool, may add risks that won't be covered by your current policy.

If you’re ready to renovate, turn to IGO Insurance in Raleigh, NC, to protect you and your property against all possible risks. Offering comprehensive coverage options throughout the state, this independent agency can review your current homeowners insurance policy and pinpoint uncovered risks associated with your upcoming project. If updates or new policies are necessary, you can count on these professionals to deliver custom solutions that’ll give you peace of mind without breaking your budget. To learn more about their affordable plans, visit them online. For a free quote, call (919) 782-1560.