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Does Homeowners Insurance Cover Renovation?
by consumercoverage

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Remodeling or renovating? Here are some things to check

Home renovation and remodeling projects have become a way to refresh a kitchen, or bathroom, repurpose space or add on extra living area. Performed by both remodeling/renovation specialists and the DIY’er they offer an option to move to a new home to remedy perceived shortcomings of the old one.

Before you begin a DIY project assess your skills

If you are considering a remodeling project it’s a wise DIY’er who takes the time to look at what they are capable of and what they are not. Some projects require skills and knowledge about home improvement insurance that even the best online video cannot provide. Electrical work and plumbing are two skills that may require specific knowledge that only comes with experience and training. This is particularly true where changes and modifications are on a dwelling built in a different era. 

Getting contractor’s for all or part of the job

Home remodeling insurance can be purchased to protect you and your home against accident or injury and damage during a remodeling project but in selecting a contractor make sure that they also have insurance to protect you in the event that something they do results in an injury or property damage. There are a number of online lists of contractors who have been rated by customers and of course, the Better Business Bureau is always a source of information about any contractor. Make sure that you see the business license and insurance certificate if you are in doubt.

Homeowners insurance during remodeling may be necessary

Before you begin any project it is a wise homeowner who checks with his insurance company. The company or its agent can assess your current coverage and policy to determine if additional coverage or an actual builder’s risk policy is required. They can also make sure that you have adequate coverage on the home when the renovation is completed. A major addition to an existing home or custom upgrades to the kitchen or bath may leave you with inadequate coverage for the completed project.

Will my homeowner’s premiums increase?

If you change the vanity in your bathroom and put in new floor tiles maybe not but the addition of square footage to an existing structure certainly will. Not all renovations will necessarily cause an increase, however. An example of that might be a new roof which could actually make the premium go down. You want to make sure that you are aware of roof replacement insurance coverage of the improvements you are making, adequate coverage of the completed structure is important to keep your investment safe.

Accidents, damages, and coverage of DIY

Home insurance for renovations may be helpful because your insurer is aware of what you are doing and any accident or damage that happens during the project won’t come as a surprise. Damage that later develops because of a DIY project gone wrong may not be covered if the insurance company believes that the workmanship is at fault. For example, a leak in a bathroom that causes damage six months later if discovered to be caused by faulty workmanship of a contractor your insurer can sue for repairs and damages. If you did the work, you pay! Go Right Here!

Home renovation insurance can be purchased to protect your home. more...

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Created: 18 mon   Jul 06 2021
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