If you are like most homeowners, you love selecting the fixtures, fabrics, and paint colors of your home improvement project. But there is one very important item that you may overlook—making certain you are properly insured.
Why Proper Property & Casualty Insurance Matters
You may need to review your insurance before beginning any home improvement project since it can expose you to additional financial risks.
If you choose to act as your own general contractor (in other words, you organize and order supplies while hiring sub-contractors to do the work), you may be opening up yourself to additional liability (such as an injury to a worker or third party) that may not be fully covered by your current homeowners insurance policy.¹
Whether it’s an extra room or an updated bathroom, many home improvement projects will increase the value of your home. However, too many homeowners fail to review the policy’s replacement value limits, which may no longer be high enough to cover any losses that occur after your home improvement.
Obtaining additional coverage shouldn’t wait until you’ve completed the remodelling. After all, at any point in the process, you will have supplies and completed work that may not be covered under your existing policy.
To ensure that you are properly covered, meet with your insurance agent about your projects and discuss with him or her any need for modifying your current insurance coverage.
The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. Exceedia Consulting Ltd is not licensed to offer General Insurance. This material was developed and produced by Exceedia Consulting Ltd to provide information on a topic that may be of interest. The opinions expressed, and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2018 Exceedia Consulting Ltd