As you begin to plan renovations to your home,
you’ve probably got a lot on your mind. Between the design and cost of the
project, choosing the right contractors and possibly learning to temporarily
live in less-than-ideal conditions, probably one of the last things on your
mind is insurance.
That being said, it’s important to consider
your home insurance throughout your home renovation
process. Here are some of the most common questions people have about their
home insurance and planned renovations:
Do I need to tell my insurance company about my home renovations?
It’s important to keep your home insurance
company informed about any renovations or additions you may be
making to your home as they can affect
the worth of your digs. For example, if the renovations will increase the value
of your home, you will want to make sure that you are insured for the correct
amount.
What is Builders Risk insurance?
Builders risk insurance or construction risk
insurance is designed to protect construction materials and equipment during a
construction or renovation project should those items incur a physical loss or
damage. The particulars of what is and is not covered varies between insurance
carriers.
Eligible clients for builders risk insurance
may take out a policy if they are constructing from the ground up or undergoing
a remodeling or installation project.
What is “Dwelling Under Renovation” coverage?
Just what it sounds like! If you’re undergoing
a home renovation project, chances are you’ve invested a decent amount in
supplies to complete the project. Adding dwelling under renovation coverage to
your home insurance policy can protect project materials while they are either
in route to your home or being stored on your property. Having this coverage
can help you replace the materials should they be stolen or damaged during
renovation.
Dwelling under renovation also protects you
from foundation collapse -- an incident that can happen during renovation
projects when pressure causes basement walls to unexpectedly collapse.
What is Vacant Home insurance?
Not planning to stay home while the
renovations are being made? If you plan to be out of the house for 60 days or
more, then you might want to consider adding vacant home insurance which can
protect your home while you are away. This could come in handy should a storm cause damage to your home and you don’t
realize it until two months later!
Who should I talk to about my insurance options?
There is a lot to consider when renovating
your home and many different insurance options to explore. Take some of the
stress off of yourself by talking to your home insurance agent.
They will be able to best advise you on what you need based on your individual
situation and help keep your home well insured and protected.
To learn more about a home insurance policy
through NYCM Insurance, click on the button below.
