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Remodeling your house, either to increase the resale value or to increase quality of life while you live in it, is almost a no-brainer. But the activity of remodeling, and the results that follow, can have a drastic effect on your home insurance coverage.

Insurance during the Remodel

While you remodel your home, you need to make sure that you have the proper liability coverage in place. If you hire contractors to work on the home, they may have their own coverage. But handymen and friends of the family, if injured, will have the ability to place a claim against your home insurance policy.

Certain working conditions may create a more hazardous environment in your home and expose the interior to damages. Make sure that you do your best to minimize exposure so that you are not negligent and exposing yourself to more risk than is necessary.

The materials you choose to use during the home remodel could have an effect on your home insurance premiums. Make sure to follow the most recent code guidelines when making improvements and invest in materials that fortify your home against damage so you can see a discount reflected in your home insurance policy.

Finally, think about your contents during the renovation. In some rooms, you may have to find temporary, offsite storage for the contents. This can take them out of the purview of your policy and expose you to risk of loss unless you have a supplementary plan of coverage for them while they are offsite.

Insurance after the Remodel

Once you remodel your home, your property value will increase as will your replacement costs. And if any redecoration is included in the remodel, the value of your personal property might have increased as well. All of this translates into a need to update your home insurance policy to reflect your new values. Raising your limits ensures that you can get exactly what you need out of your policy in the event of a post-remodel insurable incident. 

It’s not difficult to update your home insurance policy to reflect these changes. Just call your agent and let them know what you’ve updated, and they can help you decide what your new property and contents limits need to be. Since this will likely increase your insurance premium, you can consider raising your deductible a bit in order to balance it out.

Contact us at Heritage Insurance today to make sure your Regina Home Insurance policy is all up to date!

Posted 9:44 AM

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