Renovating
your home, either to boost the resale value or to improve quality of
life while you live in it, is almost a no-brainer. But the act of
remodeling, and the results that come after, can have a dramatic effect
on your homeowners insurance coverage.
Insurance during the Renovation
While you renovate your house, you need to make sure that you have the proper liability coverage
in place. If you employ contractors to work on the house, they may have
their own insurance. But handymen and others, if injured, can place a
claim against your homeowners insurance policy.
Some working conditions may create a
more dangerous environment in your house and expose the interior to
damages. Make sure that you do your due diligence to lessen exposure so
that you are not blamable and putting yourself in a bad position.
The materials you pick during the house
renovations could have an effect on your homeowners insurance premiums.
Make sure to adhere to the most current code guidelines when
implementing improvements and buy materials that protect your house
against harm so you can see a discount reflected in your homeowners
insurance policy.
Finally, think about your belongings
during the renovation. In some rooms, you may have to secure 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 house, 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 revise your home insurance policy to reflect your new values.
Increasing 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 hard to update your home insurance policy
to reflect these changes. Just contact your agent and let them know
what you’ve updated, and they can help you figure out what your new
property and contents limits should 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 Excalibur Insurance Group today to make sure your London home insurance policy is all up to date!
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