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Home Renovations and Your Home Owner’s Insurance

There are many things to consider when planning additions or renovations to your home. With the excitement (and possibly, stress) of improvements to your home, don’t overlook the possible impact that these changes may make to your home homeowners’ insurance.

Be sure to let your insurance company know before you start any construction about your remodeling plans so you can be covered during the process and be prepared for the impact they may have on your policy and premiums.

Depending on the type of improvements you make, your premium rates may be reduced or raised. For example, large additions/increased home value will mean increased premiums. However, certain improvements or updates such as new roof may qualify you for a discount.

Consider extended liability insurance if anyone other than a licensed professional will be working on the home. If you intend to have help from family or friends, increased liability insurance is a good idea.

To fill in any gaps in your liability insurance during the construction process, hire a licensed contractor with their own liability insurance to cover injuries that may not be covered under your policy.

Don’t forget to clear the area of an personal property to prevent damage. Construction gets messy!

But most importantly, enjoy the process. Re-designing and updating your home is one of the most exciting parts of home ownership.

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