Embarking on home renovations means juggling multiple tasks and responsibilities, from design choices to contractor selections. Amidst these priorities, it’s easy to overlook the importance of your home insurance coverage. But neglecting this aspect can have significant implications during renovations. Here are some key questions regarding home insurance and renovations to guide you through this process effectively.
Is it Important to Inform My Insurance Company About Home Renovations?
Yes, informing your home insurance provider about any renovation or additions to your home is crucial. These changes can impact the “insured to value” status of your property. If the renovations increase your home’s value, it’s essential to update your policy to ensure full coverage in case of a loss.
Understanding Builders Risk Insurance
Builders risk insurance, also known as construction risk insurance, protects construction materials and equipment during renovation projects. The coverage specifics may vary among insurance carriers. This insurance is suitable for clients engaged in new construction, remodeling, or installation projects.
Theft of Materials Coverage: What You Need to Know
Investing in supplies for your renovation project increases the risk of theft or damage. Adding theft of materials coverage to your policy protects these materials during transit and storage, ensuring you can replace them if necessary.
Dwelling Under Renovation/Construction Policy: Why It’s Essential
If you plan to be away during renovations, consider a “dwelling under construction” policy to protect your property while unoccupied. This insurance offers peace of mind during extended absences from your home.
Consulting on Insurance Options
Navigating home renovations and insurance choices can be overwhelming. Seek guidance from your home insurance agent to tailor a plan to your specific needs.
For more information on home insurance policies through NYCM Insurance and the various discounts available, click the link below!
