Home renovations are exciting but require a lot of organizing. You need to make sure you have hired the right people for the job, proper permits and a budget in place to go from start to finish. You also need to make sure your beautiful
home is insured properly as well. This is one of the easiest ways you can protect yourself, your home, and the people working in it. Here are five things you need to know about home insurance:
1. With new construction, the builder or construction company/contractor is usually the one responsible for insurance but not always. Make sure you find out who is responsible for insurance prior to construction.
2. Hire only insured contractors. In most cases, the owner is responsible for covering their personal property and liability due to injury caused to the workers, however, a contractor MUST have a valid insurance policy.
3. Know your renovation type so you can choose insurance properly. There are generally three classes of renovations. A basic remodel doesn’t require structural change (replacing flooring for example). A minor structural renovation would include things like replacing windows. Finally, a major structural renovation which includes things like removing a support wall.
4. Get a revised insurance policy if you are renovating the home or plan on moving out during the renovations. Whether you are in the home or moving out during renovations, you will need to speak to your insurance provider.
Depending on the type of renovation, you may need a different insurance policy.
5. Confirm coverage before the start of the project. This may seem like common sense however you may think it’s OK to start before the policy is confirmed. It is always best to wait, to avoid incurring losses due to the occurrence of uninsured accidents.