You might be planning on remodeling your kitchen. It is a big project that can help increase your home's value. It also definitely provides an opportunity for you to make your home more functional.
However, before you get underway, think about your home insurance. Do you have the right protections in place? What will your insurer cover? A quick call to your agent can help you know what risks are present to you during the remodeling process.
Protecting Against Liability Claims
It is important for you to check your home insurance policy's liability limits. If a worker falls on your property, for example, you could face a negligence claim for the medical bills. Your insurer will be able to tell you if you have liability coverage.
Do this before welcoming anyone onto your property. It is just as important to be sure the company you hire has protection. They should have insurance, bonding and licensing. This helps minimize the risks to you.
Know the Risks of Damage
Home insurance covers accidental and unavoidable damage to your home. If there is a neglected plumbing problem that leads to a flood in your home, your insurance policy may not offer protection. It becomes important for you to plan for these concerns early on. Know that electrical, plumbing, and other systems often fall into your hands if repair needs occur. If you are unsure about the situation, contact your insurance agent to inquire about coverage. In some cases, you may have minimal coverage for losses.
New Values Mean More Coverage
Did your new kitchen remodel add significant value to your home? Did you install high-tech components to it? If so, contact your insurer. Discuss whether your existing home insurance is enough to cover a claim for the home based on its new value. You may need to increase your coverage slightly. This can add more protection for you should a problem occur. Also, update your agent about new security you added. This might include smoke and security systems. It may include new wiring. Added safety features may help keep the policy premiums from increasing too much.
Home insurance may not be the first thing you think about when remodeling your home. However, it pays to learn a bit more about your risks and coverage needs. Do not assume your home's needs are always in line with coverage. A few updates to your policy can give you much-needed protection for your home. Call and talk to an agent today at 716-634-7070 and make sure your coverage meets your home's needs.
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