By Carolyn Rice
Planning a major remodeling project? There are two good reasons to call your insurance company before you begin the project. The first is to determine how your homeowner’s policy will need to be updated to cover the new additions made to the property when the project is finished.
The second, the one often forgotten, is to explore the coverage needed during the course of the project for both your home and other property. If you are moving your furniture and belongings into a pod or storage locker during the remodel confirm that they are still covered by your policy while in storage. Depending on the scope of the project your current homeowner’s insurance may be able to cover your needs. If not, ask your insurance company if they have renovation policies available.
Another good practice is to ask to see the policies for your contractor and sub-contractors on the project. Their insurance should cover property damage and bodily injury and include workman’s compensation and liability coverage for their workers. Check that the policies are up to date and, if needed, confirm with a phone call to the insurance company.
Within all the details, time and effort put into a major remodel it is definitely worth a few extra minutes to make sure that you and your project are adequately protected.