Remodeling Your Home: Insurance Considerations
April 14, 2021

You’ve hired a reputable builder, collected paint swatches and selected the siding and now you’re finally ready to start that long-awaited remodeling project. Whether your addition budget is large or small, you are adding to both the value of your home and your exposure to risk. To ensure that your project goes smoothly and that you have the coverage you need, here’s what you need to know.

Working with General Contractors

The best way to minimize your renovation risk is to hire a reputable general contractor for the job. As part of the process, ask the general contractor to provide a Certificate of Insurance and/or copies of the policies. Specifically, check for coverage for the following:

Advice for Do-It-Yourselfers

If you decide to do it alone and manage a renovation yourself, you assume all the risks. A review of your homeowners coverage for liability and property is prudent, as you are assuming more risks and exposures than contemplated by homeowners insurance. 

Insuring the Real Value of Your Home

Experts estimate that 1 out of 4 remodeling projects adds at least 25 percent to the value of a home, yet often most homeowners forget to increase their coverage to protect their investment. Most homeowners insurance policies require 100 percent of the home’s replacement cost, so it’s important to also raise your home’s policy limit before your project begins.

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