It’s finally time for that home renovation. You’ve been dreaming about chef’s kitchens, spa baths and extra space for living in. Now you’re itching to bring your Pinterest®-perfect dreams to life. We don’t want to throw a wrench into things, but before you hit up a contractor, you might want to hit the pause button. Many people assume that during a reno their home will be covered under their existing home insurance policy, but that isn’t always the case. Here are the steps you should take before you get started.
Get a vacancy permit
That big addition you have planned could mean you’ll have to move out for 30 days or even longer. If that’s the case, you may need to check with your insurance broker to make sure that you’re covered with a vacancy permit. Without one, you could be violating your policy.
Cover your bases
While your house is under construction, it could be vulnerable to damage, burglary or fire – especially if you’re not living in it. If you’re having a second or third floor added, you need to make sure the proper tarping is in place to help protect your home against the whims of Mother Nature. Ask your insurance broker to look at your policy to determine what other changes need to be made to give you the best coverage during your reno.
If it’s worth more, you need more
A big addition, extra bathroom or luxe kitchen can increase the value of your home. Keep your broker in the loop. You want to make sure your finished home is insured for its increased value.
Tip: Keep all your construction receipts. Should anything happen, you want to be able to prove that the 31 handles on the kitchen cabinets really cost $45 each.
Make sure your contractor is covered
It’s human nature to hope for the best. But accidents can happen… especially on a construction site. Make sure your contractor has appropriate insurance coverage. Click here to read more about contractor’s insurance and worker’s compensation.
Good luck with your project. Whether you’re using a contractor or doing a DIY, enjoy the process. Save your stress for picking out paint colours. With so many questions and decisions on the table, making sure you’re covered doesn’t have to be one of them.
Are you covered? Contact a Johnson Insurance representative to find out.