Millions of American homeowners take great pride in their houses and apartments, but there often comes a time when renovating or extending become unavoidable. Whether you are struggling for space or looking to bring an old property into the 21st century, there may well come a time when simply redecorating proves insufficient. If you are planning major renovations or extensions to your home, you should first check the small print of your homeowner’s insurance policy.
Protecting Your Property
Your first call should be to your insurance agent or insurance provider, as only they will be able to allay your concerns with complete authority. You need to be sure that any loss or damage that occurs as a result of the improvement works is covered. If you are planning major renovations, the likelihood is that you won’t be covered by a standard policy.
You should also check that you have adequate liability coverage, as you could find yourself financially responsible for any harm that comes to contractors while on your premises. It is worth noting, however, that respectable contractors will carry their own liability insurance, which you should check before allowing any work to commence on your property.
Be Honest with Your Insurer
It is important to remember that ignorance is not a defense in the event that a claim is rejected. You should provide your insurer with as many details of the proposed work as possible. You are exposing yourself, your family and your property to increased risk, and it may not fall within the parameters of your existing policy. Unfortunately, too many property owners only become aware of this after a claim has been rejected.
Consider a Builder’s Risk Policy
A builder’s risk policy will cover the cost of damage and loss during the construction phase of your renovation. If you are employing contractors, include them on the policy as well as yourself. So, if the work results in damage or delays, the subsequent costs will be covered. It is also essential to make sure that your policy covers the value of your home after the work has been completed. However, you must still have general liability insurance if you are working with various contractors, and you should ask to see proof of their liability insurance as well.
It is always a good idea to obtain proof of your contractor’s insurance before you allow them to start work. But it is equally important to ensure that your own insurance provides you with adequate protection. If you want further clarification on Fort Lauderdale Home Insurance for renovation projects, give Pro Player Insurance Group a call at 855-367-7744, and one of our experienced agents will be happy to explain your options.