Oftentimes homeowners get so wrapped up in a home upgrade project that they forget to consider their homeowners insurance. Whenever you make a major update to your home it is important to think about the type of coverage you currently have and any necessary changes you might need to make. Here are a few reasons to talk to your insurance agent before making any updates:
Dwelling coverage: The amount of dwelling coverage you have on your home should be enough to cover the full replacement of your home in the event of a total loss. If you make a major upgrade to your home, for example, a full kitchen renovation- the coverage you have on your home may not be enough to replace your home back to it’s current condition in the event of a total loss. Your homeowners insurance agent is your best resource for determining the amount of dwelling coverage you need on your home so make sure to put in a call.
Liability and MedPay: Liability coverage is the portion of your homeowners insurance that covers you against lawsuits that arise out of bodily injury or property damage that occur on your property or resulting from your actions. MedPay coverage pays for medical expenses that are incurred when someone is injured on your property but does not want to file a lawsuit. There are two important factors to consider here:
First, if you are hiring workers to perform the renovations on your home you want to make sure they have insurance to cover injuries sustained by their workers on your property. Not only should they be insured, but they need to be adequately insured so that you are not held liable in the event of a injury. If they are not properly insured, ask your homeowners insurance agent if you should increase your liability and medical payments coverage to protect you during renovations.
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Secondly, if you are making any upgrades to your home that may increase your need for additional liability insurance, for example installing a swimming pool, you will want to contact your insurance agent immediately to make sure you update your policy and increase your liability limits to adequately protect yourself.
For more information on how your homeowners insurance is affected by home renovations or to receive free comparative quotes, visit HomeInsurance.com.
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Good article, thanks. It makes complete sense to me. I also would add that when doing any major renovations, one should verify that permits are/are not required. Work done without permits, when required, may NOT be covered under your homeowners insurance. Also when purchasing a home that has been renovated verify that all permits are in order and request written verification of same.