We already know that many homeowners insurance policies cover us when our home experiences damage due to thunder, lightning, or a tree falling. But did you know that it may also include home renovation?
Yes, this is included with the latest features and benefits that insurance covers have started to offer. As such, this will help provide comprehensive coverage to you by offering expenses for building materials while they are en route, at the property, or stored somewhere. If you’re looking for a reliable homeowners insurance policy that can cover you during a renovation, reach out to one of the team members at Surex.
If you want to know more about it, make sure you read this article until the end. It is bound to help you.
Renovating a home comes with its own set of benefits. It allows you to improve your home value, make your home more comfortable to live in and be energy-efficient. It also helps you design the house so that it meets all your demands without any hindrance. But if you want to do it on a budget, the correct type of insurance is all you need. It will make sure your home is protected at all times and doesn’t provide any issues.
Does Homeowners Insurance Cover Renovation?
Before you learn about home renovation insurance, make sure you revisit the homeowner’s insurance policy with your agent. Home renovation helps to improve the home value and the cost of the home. As such, it is likely to enhance your home’s reputation in no time. If you are looking to protect your home, it is good to consider boosting insurance policy for the same. You can do this as soon as your home renovation is over.
Apart from this, you must regard a few other coverages that may come as an added benefit with the same. We promise; it will only improve your convenience in the long run. But always remember that both before and after the project is over, you need to have the right add-on coverage to cover things that are important for any standard homeowner’s policy.
What Does Renovation Coverage Protect?
Renovation insurance protects your home by providing comprehensive coverage on time. It gives both construction material and foundation collapse coverage.
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Construction Material Coverage
This type of coverage allows you to protect the construction of your building. This is done when the building materials are on the property and when they are being stored. Anyone with this type of coverage can quickly redeem their construction expenses and replace the materials without any hindrance. This may happen if the construction material is damaged or anything happens while the renovation process is on.
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Foundation Collapse Coverage
For most builders, foundation collapse is quite a problematic situation. Hydrostatic pressure can also make basement walls collapse when water applies pressure. So, if you get renovation coverage, you might be able to take care of this as well. That is why we recommend this type of insurance for home renovation related events.
Remodeling Risks And Costs
When you are looking for renovation, many factors will play a key role. Be sure to consider the following factors:
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Are Both Contractors Insured?
Both the contractor and the subcontractor should have insurance. Please make sure you check their construction insurance coverage for evidence on the same. This will provide you with a certain peace of mind regarding the same when the renovation is taking place.
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Is A Building Permit Necessary?
Although the demands for building permits may differ, you need to check with a local building official. The demand for building permits will depend on many factors, like the town or city you live in. As such, you need to be careful.
That is why we advise you to check with your local building official, which will help you observe whether there is a need to apply for a building permit. At times, the contractor will also use this by considering it as a section of their work.
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Do You Have a Homeowners Association?
If you live in a type of place where there is a homeowners association, you might need their approval before any construction or renovation work takes place in your home. Be sure to confirm whether or not you can renovate before incurring any insurance home renovation expenses.
What Else Affects Your Insurance Premium?
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Kitchen And Bath
If you use high-quality materials for both these functional rooms in your home, the policy you have right now might not suffice. This is also the case with the kitchen and baths that you want to expand.
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Pools
Yes. Pool installation works like magic in boosting your home value. However, it comes with its own set of liability risks. It may avail a personal liability cover, but if you are undergoing a pool installation, an extra body might be essential for you too. So, do not forget to consider that when in need.
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Flooring
If you use unique materials for your flooring, they can soon become quite unaffordable to replace. As such, your homeowner’s insurance premium is likely to spike up. This only makes it more straightforward for you to understand that your house needs rebuilding. So, the expense of flooring will become a part of the replacement expenses.
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Increased Living Space
If you add rooms or try to expand them in your home, this may also take a toll on your premiums in the long run. It increases the total square footage of your home, and the current homeowner’s insurance policy might not serve appropriately. So, if you need to protect your new living space, it is best to get another approach that can help offer the right cover as and when in need.
The Bottom Line
These are the most important things to keep in mind when you wish to provide insurance coverage for your property renovation.
We promise; it comes in handy for all the right reasons. So, if you have been waiting for a long time, now is the time to get your hands on this policy right away. We promise; it will help you see the difference for yourself.
