Renovations: What do they mean for your insurance?

Renovations and Insurance Coverage

Updating the kitchen, finishing out the basement or redoing a bathroom can be an exciting time for a homeowner. While it may not be as interesting as selecting colors or materials, reviewing and possibly adjusting your insurance policy should be at the top of your list of concerns when making home upgrades.

Before beginning any work, make sure all parties involved are adequately insured for all contingencies. Without the proper coverage, you will likely have to assume liability if certain issues arise, like a worker gets injured or a neighbor’s property is damaged. How can you protect yourself? Take the following steps:

Talk to Your Insurance Company
Some renovations can render a policy void if you don’t inform your insurer, so make sure your insurance provider is involved early in the process. Often an agent can make recommendations that can save you money in the long run. Projects such as replacing the electrical and plumbing systems or having a professional install storm shutters and doors could lower your premiums.

Increase Your Coverage If Necessary
In addition to creating new value in your home, any significant increase in square footage, such as a new bathroom or bedroom, needs to be accounted for in your policy. You should also include any major appliances you buy, such as a big-screen TV, refrigerator, oven or dishwasher in your insurance plan.

If you are vacating your home during the renovations, discuss the need for a builder’s risk policy or renter’s insurance with your agent. And keep in mind that some upgrades may increase your liability. Swimming pools are one such example that require additional coverage.

Beauchain Builders is about the experience of the Project. If you are looking for a Contractor that will listen to you and deliver the best possible product in a timely professional way.. look no more. We will be happy to come take a look at your project and answer any questions you may have.

Tina Beauchain
Beauchain Builders, Inc.

Office (703) 430-9171 |
Sterling VA 20164
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