Revamping Your Home? You May Need to Revamp Your Coverage

Are you dreaming of a kitchen that inspires culinary masterpieces? Or a bathroom that transforms your morning routine into a spa-like experience?

Home renovations can breathe new life into your living space, boosting comfort and enjoyment. But before the demolition begins, it's crucial to ensure your home is properly insured throughout the process.

While your standard homeowners insurance policy offers protection against covered perils like fire and theft, it typically excludes damage to your home that occurs during renovations.

Imagine this: your dream renovation is underway, and a freak storm rolls through, causing significant damage to the exposed framework. In this scenario, your homeowners insurance might not cover the repairs to the unfinished improvements, and the financial burden could be substantial.

So, what renovations are covered by homeowners insurance?

Generally, minor cosmetic updates like painting or re-carpeting fall under your existing policy. However, for larger projects that significantly alter your home's structure, additional coverage might be necessary.

This is where builders risk insurance comes in. It's a temporary policy specifically designed to cover your home and the materials stored on-site during construction or renovation. A builders risk policy protects against a variety of perils, including fire, theft, vandalism, and weather events.

Consider getting a builders risk policy if your renovation involves:

• Structural changes: Adding a room, modifying walls, or replacing the roof are all examples of projects that could benefit from builders risk coverage.
• Extensive demolition: If your renovation requires significant tear-out of existing structures, builders risk can provide peace of mind.
• Valuable materials: If your project involves storing expensive materials on-site, builders risk can safeguard them against theft or damage.

Remember, a thoughtful homeowner is a prepared homeowner. Contact your trusted insurance agent before any major renovation project to discuss your existing coverage and determine if a builders risk policy is necessary.

And don't forget, your insurance agent is there to help you navigate any changes in your life, big or small, from a home improvement project to acquiring a new car. We're always here to answer your questions and ensure you have the right coverage in place.