The time has come. You finally have the time and the budget to start that home renovation project you’ve been planning for years. Though you’re still in the beginning stages, but something in the back of your mind is telling you there’s a detail you’ve overlooked. What could it be?
Of course. Your home insurance! There are several factors to consider regarding your existing home insurance policy and the impact any renovations you make can have on it. Theft Once you begin renovations, theft can be a real threat—whether it’s due to a newly opened area of your home that thieves can more easily access or building materials left out overnight. It may be too tempting for a burglar to pass up. You’ll need to ascertain whether your insurance will cover any theft, or if it’s covered by the contractor’s insurance. Off-Site Storage If you remove items from your home during the renovation process, placing them in, for instance, a self-storage facility, will they still be covered in case of damage or theft? This is something to discuss with your insurance agent. They may not be covered by your policy until they are returned to your home. Policy Invalidation When you first insured your home, it was in what’s known as “original condition.” Any changes you make to your home during a renovation can alter that original condition—changes like rewiring the electricity, or replacing the plumbing system. If you choose to do these things yourself instead of hiring a professional, it’s more likely that your previous policy could be invalidated, so always check with your insurance agent before attempting such an endeavor. Policy Changes Eisenhauer Insurance is happy to work with you to adjust your policy as needed, to help you stay protected throughout the renovations and after their completion. Just speak with one of our representatives to address any issues or questions you may have. Special Considerations Few home renovations are without risk. There is usually a chance for injury to occur during some of the more hazardous operations, and damage to your property or that of any neighboring property could also occur. It’s important to make sure your policy will protect you in either instance. Talk to your agent here at Eisenhauer Insurance before beginning any renovation project. They will be able to help you get the coverage you need throughout the project, and instruct you how to keep your current coverage from becoming invalidated. We look forward to helping you get started on improving your home! Return to main blog page