Caught the home improvement bug?  That’s great – but keep in mind that even the best-planned renovations can run into complications and that those complications can affect your insurance and vice versa.  To set yourself up for success, we recommend that you touch base with your agent regarding potential risk exposures. 

If you are planning a DIY project, your agent will be able to provide insights on questions like:

• If you accidentally cause damage, will your homeowner’s policy cover it? 
• What happens to expensive building materials, like countertops, if they are delivered to your driveway and end up damaged or stolen?
• What if a friend or family member is injured while helping you with your project? 

If your current policy leaves you open to risks, your agent may be able to increase your limits or add an endorsement to close the gaps.

If you hire a contractor, be sure that they are a licensed professional and to retain a copy of their Certificate of Insurance (COI).  Their insurance should pick up where your homeowner’s leaves off, but your agent can be an extra set of eyes to ensure that all runs smoothly and that you do not end up holding the bag.    

Another consideration is that, once your project is complete, you may have increased your home value.  In that case, your homeowner’s policy should be adjusted to ensure that you are properly insured in the event of a loss.  Additionally, your agent may be aware of discounts that you are now eligible for.  Insurance carriers often offer discounts for things like energy efficiency or safety precautions. 

These are just a few considerations from an insurance perspective when you renovate your home.  The more that we about your project, the more that we may be able to help.  At Phoenix Insurance Group, we pride ourselves on being a full service agency to help you in times like these.  So, loop us in – we might be able to relieve some of your stress.