It’s exciting to plan a home remodeling project and to do renovations. In your enthusiasm to get started, you may overlook the prudent idea of conducting a home insurance review to adjust your insurance coverage for the construction work and upgrades you are planning.

Insurance Reviews

Every year you will want to talk with your agent at Franklin Insurance Agency in Rio Rancho, NM, about your home insurance. Your agent will conduct a review and make recommendations where adjustments are needed. In addition to the standard recommendation of having an annual home insurance review, you will want to have a special insurance review when planning a home remodel.

It is not the best strategy to wait until after the work is done, because there is risk that you need to consider while the project is ongoing. For example, building materials can be stolen from the job site, or a worker may be injured while the work is in progress or a fire could happen even if the job is unfinished.

Here are the things you want to consider:

Home Value — A remodel will increase the value of your home.

Increased Risk— Workers onsite, tools, wiring, open walls, and other work in progress, adds to the risk.

Contractor’s Insurance—Verify your contractor carries adequate general liability insurance and workers comp insurance.

Vacancy Endorsement—If you leave your home vacant for more than 30 days, you need to have special insurance to cover a vacant home.

You will want to discuss with your agent the scope of the planned construction work, the timeline to complete the project, the details about the contractor(s) you hire and whether you will occupy the home while the work is in progress.

Consult with your agent at Franklin Insurance Agency in Rio Rancho, NM, for all your home insurance needs.