Renovations enhance your living space and often boost your property value. Amidst all the excitement, you might forget to consider how remodeling will impact your home insurance. To ensure your project runs smoothly, follow this guide for managing your insurance before and after a renovation.

Before the Renovation

Whether your renovation will be simple or extensive, let your home insurance company know about it in advance. They’ll help you determine what other types of insurance you’ll need.

For example, if you’re enlisting friends or family to help with the project, you might need to increase your home insurance policy’s no-fault medical protection. Anyone who gets injured can then send their medical bills to the insurance company, which lowers your risk of getting sued. 

On the other hand, if you’re hiring a contractor, your insurance company may recommend adding a builder’s risk policy. This typically covers construction-related damages such as rain damage, vandalism, and theft of construction materials.

You should also ask to see your contractor’s insurance policies; they should have a commercial business/general liability insurance policy as well as a workers’ compensation policy. The latter prevents you from being sued in case a worker gets injured during the renovation.  

Finally, remember to keep all records and receipts regarding the renovation and to take before, during, and after photos so your insurance company fully understands the renovation.

After the Renovation

Once the renovation is complete, talk to your home insurance company about updating your policy. Make sure to discuss every change or addition to your home.

If you don’t tell the company about a new addition, such as a pool or deck, and someone gets injured because of it, your claim will probably be denied since the addition wasn’t included on your policy. Moreover, if you added a pool or hot tub, which are considered attractive nuisances, your insurance company may require you to increase your liability protection and install a fence around the pool. 

On a more positive note, you should also ask the company if your renovation qualifies for any discounts. Additions such as burglar alarms, smoke detectors, updated plumbing systems, and stronger roofs or doors will often allow you to reduce your premiums. 

Finding the right home insurance policy can be tricky, especially in the midst of a renovation. The experienced team at Phil Taylor Insurance Agency in Clarksville, AR, will help you find the right plan to protect your property. Visit them online to learn more about their services, which also include auto insurance, life insurance, and business insurance. Call (479) 754-2616 to discuss your needs with a caring team member.