When you undertake a home renovation project, it’s worth adjusting your home insurance at each construction phase to ensure you have adequate protection throughout the process.
Setting Up Coverage Before Construction Begins
Work with your agent at York Jersey Underwriters Inc. in Tinton Falls, NJ, before construction starts, so you can build an insurance adjustment strategy while your project is still in the planning stages.
Start with a home insurance review to determine whether any adjustments are needed. If it’s been a while since you updated your replacement value coverage, this is an ideal time to do it.
You’ll also want a copy of your general contractor’s insurance policy. If you’re planning to handle the work yourself, you may need a special policy designed for construction-related risk. Your agent can help you determine the right level of coverage for your situation.
Phase One: Demolition and Prep
This phase often includes demolition and debris removal, such as gutting an old kitchen before rebuilding. You’ll want protection in place for both workers and yourself. Contractor employees should typically be covered under the contractor’s own workers’ compensation insurance, but it’s worth asking your agent whether you need to increase your general liability coverage under your home policy as well.
Phase Two: Materials and Construction
Once building materials and high-value items begin arriving on-site, they need protection while construction is actively underway.
Phase Three: Final Valuation
Once the project wraps up, a final assessment determines the total replacement cost of the completed work. That amount gets added to your policy, updating your home insurance limit to reflect the value of the renovation.
Reach out to us at York Jersey Underwriters Inc. in Tinton Falls, NJ, for all your home insurance needs.
