Remodeling Steps That Include a Review of Homeowners Insurance
You walk through your home, taking in all the looks you would like to improve on. This room needs an expansion, that one needs a bigger closet, and the next better lighting. There’s literally no end to what you can do to improve your living space. The bottom line in home improvement projects of course is your particular needs and tastes.
Once you’ve decided on the remodeling you will be tackling, get down to the other important prerequisites: viewing online suggestions or home project literature that is designed to walk you through organization steps; setting budget limits; selecting contractors; and last but certainly not least, acquiring the required construction permits.
Naturally, you also must consider your homeowners insurance policy.
The Four Insurance Prerequisites to Home Improvement
• Know your coverage insurance limits
Call your independent agency to assess your policy. If your improvement project is large, you may need to adjust coverage to raise the limits for liability risks. Furthermore, it may be wise to specifically list things, like an added room on your policy.
• Know if your contractor is adequately insured
Construction work includes damage and losses risk exposure. That is why you want to make sure your contractor has the necessary workers comp and liability protection that will prevent him from making you the brunt of a lawsuit in the event of injury.
• Know if your policy covers non-professionals that help you
If you intend to make your home improvement on your own together with some help from relatives, neighbors or pals, make sure you have the liability coverage you need. Injury lawsuits come in many shapes and forms – even stemming from the very sources you thought would never file against you. Ask your agent if it’s advisable to increase the no-fault medical coverage on your homeowners plan so that a hurt party does not have to succumb to the courts but can bring claims directly to your insurance company.
• Know the importance of documentation
Always store a copy of any related written agreement or verification of payment in a secure place. Be sure to photograph the before/during/after project in order to have pictures of proof in regard to the job.
While you might think the job in itself takes up enough time away from business or life matters in general and that adding these steps to the job exaggerates it all, bear in mind that they are an essential piece of the puzzle – protecting you against genuine perils of home improvement tasks while providing the peace of mind that crowns it all.