Insurance steps to take during a home renovation.

If you are renovating your home, then your insurance needs will change.  To ensure that your policy’s coverage remains viable, speak with your agent, and follow their advice.  Usually, insurance providers will recommend the following steps.

  • 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 the job.

  • Prioritize Repairs

If you are undertaking a multi-tiered home renovation project, then start out your project by 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.

Take these steps to manage your homeowners insurance during a renovation.  Looking for assistance with your home coverage?  Then contact the experts at Weaver & Associates in Arcadia, California.  Our dedicated team is eager to get you covered today.