Home Improvement Insurance

Home Improvement Insurance – “You want where you live, if you have to work there and if you have young children, you want it to be as nice as possible,” Allison Levyn said.

Charlie Wendland is Branch Insurance’s Chief Claims Officer. He said while there were a record number of renovations, not as many were updating their home insurance.

Home Improvement Insurance

“It might just be because people don’t know they have to,” Wendland said. “They think of it as insurance, set it and forget it. But the problem is that insurance has to evolve over time.”

Home Extension Insurance Policy

He agreed that it is important for anyone and everyone who may have done a home improvement project to also update their insurance. This means calling your insurance provider.

“You want to take a look at your home policy to make sure you have adequate coverage in the event and hopefully never have to deal with it,” Wendland said. “But in case something happened to those new appliances you bought or things like that, to replace those items.”

“It doesn’t take more than 10 minutes, like I said, to walk around your house with your cell phone, take the narrated video, talk about what’s in your house when you bought those items,” Wendland said. “Because that way your insurance company will have that in case they need it to process your claim and make your claim go much faster.”

While home improvements can range from building a garden deck to installing a new front door, there are some projects you’ll want to notify your insurance company about as soon as possible.

Top 10 Worst Roi Home Improvements [infographic]

“Upgrades to your kitchen, cabinets and countertops [are] definitely something to alert your insurance company about,” Wendland said. He added swimming pools, garden fences and other additions to the list. If the project excites you, you are not alone. The Home Improvement Research Institute (HIRI) says that do-it-yourselfers complete two-thirds of home improvement projects and spend less than those who rely only on contractors. While saving money is satisfying, the sense of accomplishment DIYers feel is even better.

But before you pick up a hammer or pick up a paintbrush, you’ll need to do some homework. As you draw up plans, budgets, buy materials, and secure permits, you also have to think about insurance. Talk to your Trusted Choice Independent Insurance Agent® before you start work. Your agent can help you assess the unexpected risks of your project.

Maybe you’re dreaming of a new kitchen, one with quartz countertops and Wi-Fi enabled appliances. Kitchen remodeling can add significant comfort and value to your home, but there are some insurance considerations:

• Depending on your level of experience, you may need the help of a plumber or electrician. Make sure the contractors you hire are bonded and insured. Do they carry civil liability insurance? Ask to see your certificate of coverage.

Home Upgrades That Can Lower Your Insurance Premiums

• Check with your agent to see if you should increase your homeowners coverage. If your renovation substantially increases the value of your home, you could be underinsured if you haven’t increased your limits. In general, you need enough insurance to replace 80% of your home’s value.

• Will friends be helping? Ask your agent about adding no-fault coverage or increasing your medical expense coverage.

You have visions of a soaking tub, new vanities and imported marble tile. It sounds delicious, but keep these points in mind:

• You may need a plumber to help you move a water line or drain. Keep in mind that water damage caused by your faulty workmanship will not be covered by your homeowners policy. On the other hand, if you use a contractor, their commercial insurance should cover damage to your home.

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• Will that expensive marble be in your driveway after delivery? Expensive materials have a way of drifting away from a job site. Check if your policy covers theft or damage to your building materials.

• Most homeowner’s policies only offer limited coverage (up to about $2,500) for office equipment. If you have items that exceed that amount, you will need additional coverage. Your agent can recommend some options.

• If you are working on your business at home, make sure you are covered by the company’s business and workers’ compensation policies. If you are self-employed, you may need a separate business policy, especially if customers visit your home.

You’ve always wanted a room off the kitchen to take advantage of the morning sun. Solariums can be enjoyed all year round, but there are a few things to keep in mind:

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• Talk to your agent about adding a new room to your homeowners policy. You can get a discount if you install energy-efficient windows or heavy-duty locks on an exterior door.

• Is the project insured against inclement weather? Theft or vandalism? You may need a builders risk policy.

You are planning to create extra space in the basement for your growing family. You contracted to install a French drain and a sump pump to keep water out. You also decided to live at a friend’s house while you work on the project.

• Make sure you get a French drain warranty. Flooding is not covered by homeowners insurance. However, you can add water backup coverage to your policy to pay for damages if your sump pump fails.

Disclosure Of General Liability Insurance., Article 7. Special Provisions, Division 8. Contractors’ State License Board, Title 16. Professional And Vocational Regulations, California Code Of Regulations

• Games room? Theater at home? Extra bathroom? You may need to increase the limits on your homeowners policy. On the other hand, upgrading old wiring or installing a security system can lower your premiums.

If you’ve been struggling with home renovations, it might be time to join the ranks of millions of satisfied DIY fans. Remember to contact your Trusted Choice agent to address your insurance needs:  Call our office directly.

Are you ready to save time, aggravation and money? The Stamford Insurance team is here and ready to make the process as easy as possible. We look forward to meeting you! Home ownership comes with both responsibilities and rewards. So before you buy, it’s important to do your homework to make sure the home fits your budget and lifestyle. It doesn’t matter if you’ve built a new home or bought an existing one, at some point you’ll probably decide to make some improvements. With access to so much information, some homeowners choose to tackle those Do-It-Yourself (DIY) projects. However, there are many things to consider before you start: What part of the house is being remodeled? How much will it cost? How long will it take? Do you have room for equipment and supplies? Once you have those answers, you may find that the DIY project should be handled by a professional. Insurance is an important factor in choosing a professional contractor. You should find out if they have the right insurance coverage to protect both themselves and you. Ask for a copy of their insurance policy, called a Certificate of Insurance, to make sure they have general liability and workers’ compensation coverage. If the contractor gets injured while working on your home or the newly installed dishwasher starts leaking, you want to be sure you’re covered. When considering the amount of coverage you need for a home improvement project, the current value of your home is key. Regardless of whether you are building an addition to your home or simply updating your kitchen cabinets, it makes sense to increase the value of your home on your insurance policy based on the improvements you are making. This also means increasing the amount of coverage on your policy. If there is a loss during construction or after it is completed, you do not want to be underinsured. Remember that the simplest projects often turn into m
uch larger projects. With West Bend’s Home and Highway® policy, we ask that you notify us within 90 days of a project’s completion if it costs at least $5,000 or 5% of the current Coverage A limit for guaranteed replacement cost coverage. Do you know what your policy requires? It’s a good idea to talk to your local independent agent before starting any home improvement project. There are many things to discuss, including: Will you be living in the home during the remodeling process or moving out for an extended period of time? Do you have adequate coverage for materials such as wood and tile that will be stored outside the home? What if you need to rent a large moving truck to pick up the new windows you bought? Will your auto policy cover the truck and windows if they are damaged in transit? What if your new single shed collapses during high winds before it’s finished? These are just a few of the things your insurance agent can do to make sure you have the right coverage. Do you have any tips you’d like to share? I would love to hear them; share them in the box below. This blog was written by Sarah Faris, Senior Manager at Personal Lines. This article is intended for general educational and illustrative purposes only and should not be construed as legal or

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