If you’re planning on renovating or remodeling your property sometime soon, get ready for all sorts of excitement and challenges! Of course, the most important thing is making sure that all your hard work (and money) goes toward a project that’s durable and long-lasting.
That’s why we’ve put together three key tips to help protect your investment every step of the way. With these insurance insights in mind, you can feel more confident about tackling any renovation or remodeling project head-on!
Verify Your Contractor’s Insurance
Here’s a smart move to help keep your renovation or remodeling project on track. Make sure you double-check your contractor’s insurance policies before the work gets started. An experienced and trustworthy pro should have both workers’ compensation and liability coverage in place.
Workers’ compensation helps cover any medical expenses that might come up if someone gets injured while working on your property. Liability insurance comes into play if there are ever any damages during the renovation process itself. Taking care of this step from the start is an easy way to avoid unnecessary headaches down the line. Better safe than sorry!
Update Your Homeowner’s Insurance
When you’re getting ready to dive into a big renovation or remodeling project, don’t forget to let your homeowner’s insurance company know about what’s going on. The thing is, your current policy might not cover all the changes that come along with the work. For example, any increases in value that result from those shiny new updates!
By giving them a heads-up and updating your policy accordingly, you’ll be covering yourself against any potential financial losses. Plus, taking these extra steps gives you some added peace of mind knowing that everything is taken care of in case anything unexpected comes up!
Beware of Bad Faith Insurance Practices
Before you wrap up your renovation or remodeling plans, it’s crucial to be on the lookout for bad faith insurance practices. Unfortunately, there are some instances where insurers aren’t always upfront about policies or don’t settle claims fairly. To avoid getting burned, it’s really important to fully understand what your policy covers (and what it doesn’t) before signing on the dotted line.
And if anything seems fishy down the line, don’t hesitate to get legal advice ASAP! With this approach as a safety net, you can be confident that everything will be smooth sailing when it comes to keeping your project protected from start to finish.
Final Thoughts
So there you have it! If you want your remodeling or renovation project to go off without a hitch, insurance is key. You’ve got to ensure your contractor has the right coverage in place and update your homeowner’s insurance policy just in case anything goes wrong during the process.
And, of course, staying on top of things like bad faith practices will help keep everything running smoothly too! By taking all these precautions upfront, you can concentrate on making those dream home plans come alive without any added stress weighing you down.