Tips On Your Home Improvement Project
How to plan properly and get the proper insurance coverage.
For many, the home became the office, the classroom, the gym and more as we sheltered in place and adjusted to life in the pandemic. With so much more time being spent at home, homeowners have experienced a desire and need to tailor their living spaces to the lives they live, resulting in a spike in home improvement projects.
Whether a small, do-it-yourself project or a substantial renovation, it’s important for a homeowner to consider insurance coverage and make sure they’re prepared for whatever situation the project may bring.
Contractors and Insurance
Some projects are better suited for the professionals to handle. When choosing a professional contractor to carry out a major or highly specialized renovation, homeowners should make it a priority to discuss insurance and ensure the contractor has the proper insurance coverage to protect both themselves and the homeowner.
A homeowner should ask for a copy of their insurance policy, called a Certificate of Insurance, and make sure they have general liability and workers’ compensation coverage before moving forward with a project. That way, if an injury occurs or damage is incurred, the homeowner and contractors will be adequately covered.
Adjust Your Homeowner’s Policy
A home improvement project will likely increase the current value of a home, which will impact long term coverage needs. Whether a homeowner is building an addition to the home or making a significant renovation, such as for a bathroom or kitchen, it’s smart to update the value of the home on their insurance policy and increase coverage accordingly. Doing so prior to construction will ensure that the renovations will be covered in case something happens or damage during construction occurs.
It is best practice for homeowners to notify their insurers of home improvement projects. Those with a West Bend Home and Highway® policy are asked to notify their independent insurance agent within 90 days of completion of a project if it costs at least $5,000 or 5% of the current Coverage A limit for the guaranteed replacement cost coverage. Homeowners should know what their specific policy requires.
Call Your Local Agent
At the end of the day, every homeowner’s policy is different. Whether someone hires a contractor or tackles the project on their own, speaking with a local independent agent for guidance and clarification is the best way to guarantee an insurance policy adequately covers the home improvement project at hand.
Learn more about West Bend’s Home and Highway® policy at thesilverlining.com.