home contractor, upgrade your home insurance before your renovation

Insurance Upgrades You Need When Remodeling Your Home

Here are some of the changes that you should make to your home insurance before starting your renovation.

If you are planning to remodel your home, then you might assume that the only steps you need to take are hiring a contractor and finalizing your budget and plans.  However, this assumption overlooks an important step—updating your homeowners insurance in Plano, Texas.  But why do you need to make changes to your home policy and what changes are most important?  Here’s what you need to know about adjusting your home insurance in preparation for a renovation project.

  • Informing Your Insurance Provider

Many homeowners wonder why they need to report their remodeling plans to their home insurance provider.  Well, when you renovate your home, it’s value will increase.  It’s possible that your existing homeowners insurance policy will not offer enough coverage to meet this increased value.  Rather than leaving yourself at risk for dangerous coverage gaps, you should report any planned changes to your home to your insurance provider.  Your agent will help you secure the additional coverage you need to protect your renovation project.

  • Essential Policy Upgrades

Homeowners also want to know what home insurance policy upgrades they should make.  Because every renovation project and insurance policy is different, it’s best to work with your insurance agent and follow their advice.  Typically, they will recommend gradually increasing your policy’s coverage limits as the project progresses.  If you are constructing a major addition to your home, such as a new room or garage, then they might also recommend listing this addition in your policy to ensure that it is covered.

  • Contractor Insurance

You may be wondering if you need to secure additional coverage to protect the people who will be working on your home.  While home renovation projects increase the chances of injury taking place on your property, it is up to your contractor and subcontractors to have their own insurance.  To ensure that you will not be held liable for any injuries related to your home remodeling project, you need to verify that your contractor and subcontractors have proof of workers compensation and liability insurance.

This is what you need to know about upgrading your home insurance in preparation for your renovation project.  Do you have further questions about your homeowners insurance in Plano, Texas?  If so, then contact the experts at Tri-Star Insurance/HUB International today.