Managing Your Home Renovation and Homeowners Insurance

Take these insurance steps when remodeling your home.

If you are thinking about remodeling your home, then there are a lot of steps that you need to take.  In addition to getting estimates, interviewing contractors, and finalizing your plans, you also need to take certain steps to ensure that your homeowners insurance in Montville, Connecticut, remains valid.  Here’s what you need to do to manage your home insurance during a renovation project.

  • Keep Your Agent in the Loop

Before you begin your home renovation project, you should discuss your plans with your insurance provider.  This way, your agent can adjust your current policy to ensure that you have enough coverage to protect the increased value of your home.  Additionally, your agent may also want to increase your liability coverage because you face an increased risk of injuries and other accidents taking place on your property.

  • Verify Worker Insurance

Before hiring a contractor to complete your home renovations, then you need to verify that they have adequate insurance coverage.  Specifically, you should make sure that your contractor has professional liability and workers compensation insurance in place.  Professional liability ensures that the contractor can cover the losses that you may suffer as a result of their mistakes.  Workers compensation ensures that the contractor can cover their workers in the event that they are injured while on the job.  If your contractor is not carrying these essential policies, then you would be on the hook for losses associated with construction issues and worker injuries sustained on your property.  So, to protect yourself from these major liability risks, ask your contractor to provide proof of their insurance coverage.

  • Prioritize Repairs

If you are undertaking a multi-tiered home renovation project, then start out your project my making repairs to the main structure of your home.  For instance, replace your roof, upgrade your electrical and plumbing systems, reinforce your home’s foundation, and so on.  By handling these tasks first, you can reduce your risk for major types of home damage.  As a result of reducing your risk for serious home damages, your insurance provider may lower your insurance rates.

These are some of the steps that you should take to manage your home insurance during your remodeling project.  Do you have additional questions about your homeowners insurance in Montville, Connecticut?  If so, then contact the experts at The Reardon Agency.  We are ready to assist you with all your personal insurance needs today.

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