Every homeowners policy is different and some will not cover mishaps that occur during or due to a new renovation. To protect yourself, there are several steps you should take to ensure you have the coverage you need.
Involve Your Insurance Agent
Before construction begins, contact your insurance agent so that your coverage can reflect the changes planned for your home. Waiting until the remodel is done to increase coverage could become a problem if the new construction is damaged or destroyed during renovation. Keep your agent informed on the progress of the work in case plans or timelines change requiring additional or extended coverage.
Your Contractor Should Be Properly Insured
Verify that your contractor carries adequate liability coverage to include the value of your home and possessions. They should also have workers’ compensation coverage in case they are injured on the job. You should be named as an “additional insured” on your contractor’s insurance policy, and they should provide you with proof of that current policy.
Contractors often use subcontractors, who should also have their own liability and workers’ compensation policies.
When Friends or Relatives Help
If you decide to do the renovations yourself with help from friends or family—and no one is being paid—the liability coverage included with your homeowners insurance should take care of any medical expenses incurred if there is an accident.
In summary, you should check with your insurance agent to understand what is and is not covered under your current policy before you begin renovations. Give yourself the time to evaluate coverage changes and ensure you know how different situations will be managed by your insurance provider.
Contact a member of our Personal Insurance team today at 800-686-8080 to discuss your home renovation insurance needs.