Remodelling is a major decision for the vast majority of homeowners. There is the inconvenience during the job to think about, as well as the time it takes to finish, and of course the price is a big consideration. The benefits of remodelling are quite compelling, including a higher resale value, and the fact that your home will be more comfortable.
If you are considering a home renovation, big or small, there are details to consider. You'll have to figure out your budget, what all you want done and the best time to have it done. Remember that your home insurance policy could be affected, so take that into consideration before you begin.
Minor repairs or renovations usually don't affect most home insurance policies, but exceptions may apply so check into that to be sure your coverage is still in full effect. Go over your current home insurance policy with your insurance agent before beginning your renovations. Here are three areas that can leave you without coverage during a renovation:
If you are planning on hiring a contractor to work on your home, then you need to talk about insurance before having their crew set foot on your property. Liability insurance is important, so request proof that your contractor or subcontractors have this form of protection.
This type of insurance coverage is mainly used as a safeguard against liability caused by injury and damages. You'll want to check out the limits, extension of the coverage and the date the policy expires. It is something you should do, even though in the majority of states it is required by law. If an accident does occur on your property during renovations, you will be glad that you are insured as it could be a major issue if you are not.
Remember, insurance is an essential protection but you should be aware of potential safety risks around your property. Lawsuits can be filed if there is negligence involved. Always hire safe contractors recommended by family and friends.
Before doing any work, you'll need to figure out how much the renovations will increase the value of your home. The majority of homeowners leave themselves with no protection because they neglect to increase their insurance coverage. Talk to your agent to make sure you're fully covered throughout and after the renovation.
Sometimes renovations can leave your home more exposed to potential risks such as damaging weather or theft. If you're home requires extensive work, it may require you and your family live elsewhere during the renovation and if so, your standard homeowners policy may be rendered useless.
According to recent research, most insurers discontinue coverage on a home that's unoccupied for more than 30 days. If this is the case in your situation, extra coverage will need to be purchased. You could be granted a vacancy permit by your insurance provider that covers wind and fire damage, as well as other stated perils. Most insurance companies are wary about providing this kind of coverage for vacant homes because the likelihood of loss or damage is increased during this time. During renovations that require you to leave the home vacant, speak to your insurance provider to ensure that you understand how it affects your policy.
If you are considering a home renovation, big or small, there are details to consider. You'll have to figure out your budget, what all you want done and the best time to have it done. Remember that your home insurance policy could be affected, so take that into consideration before you begin.
Minor repairs or renovations usually don't affect most home insurance policies, but exceptions may apply so check into that to be sure your coverage is still in full effect. Go over your current home insurance policy with your insurance agent before beginning your renovations. Here are three areas that can leave you without coverage during a renovation:
If you are planning on hiring a contractor to work on your home, then you need to talk about insurance before having their crew set foot on your property. Liability insurance is important, so request proof that your contractor or subcontractors have this form of protection.
This type of insurance coverage is mainly used as a safeguard against liability caused by injury and damages. You'll want to check out the limits, extension of the coverage and the date the policy expires. It is something you should do, even though in the majority of states it is required by law. If an accident does occur on your property during renovations, you will be glad that you are insured as it could be a major issue if you are not.
Remember, insurance is an essential protection but you should be aware of potential safety risks around your property. Lawsuits can be filed if there is negligence involved. Always hire safe contractors recommended by family and friends.
Before doing any work, you'll need to figure out how much the renovations will increase the value of your home. The majority of homeowners leave themselves with no protection because they neglect to increase their insurance coverage. Talk to your agent to make sure you're fully covered throughout and after the renovation.
Sometimes renovations can leave your home more exposed to potential risks such as damaging weather or theft. If you're home requires extensive work, it may require you and your family live elsewhere during the renovation and if so, your standard homeowners policy may be rendered useless.
According to recent research, most insurers discontinue coverage on a home that's unoccupied for more than 30 days. If this is the case in your situation, extra coverage will need to be purchased. You could be granted a vacancy permit by your insurance provider that covers wind and fire damage, as well as other stated perils. Most insurance companies are wary about providing this kind of coverage for vacant homes because the likelihood of loss or damage is increased during this time. During renovations that require you to leave the home vacant, speak to your insurance provider to ensure that you understand how it affects your policy.
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