Insuring Your Home for a Home Improvement Project
Whether you’re looking to add rooms to your home or renovate your kitchen, home improvement projects can be a big investment. That’s why when it comes to planning for remodeling projects or a home renovation, insurance coverage that’s up to date is essential to have. The AARP®
Homeowners Insurance Program from The Hartford will help you get the peace of mind you deserve knowing your home is protected.1
How Remodeling Your Home Affects Your Homeowners Insurance
Your standard seguro de viviendas
policy offers many coberturas
to help protect your home. If your home is destroyed or damaged by a covered incident, such as a fire or lightning, your homeowners insurance policy can help cover any repairs or replacements.
Your homeowners insurance policy also includes coverages to keep you even more protected. For instance, personal liability coverage
helps protect you if someone gets hurt on your property and you’re found responsible. And with personal property
coverage, your personal belongings like furniture, clothing and appliances are all protected. So, if one of your items ends up damaged or stolen in a covered incident, your homeowners insurance policy may help cover the cost to repair or replace it.
It’s important to keep your homeowners insurance coverage up to date. If you complete a remodeling project – whether it’s updating your kitchen or installing new siding – you need to make sure you have enough coverage for your home. When the value of your house changes, it can affect your homeowners insurance policy because you may not have enough coverage to protect your newly renovated home.
If you’ve just finished a remodeling job, call us at 800-624-5578
. One of our specialists can help make sure your homeowners insurance policy is updated.
What Types of Insurance Do You Need When Renovating a House?
If you’re renovating, it’s important to know how the upgrades will affect your home’s coverage. For instance, if you’re putting an addition onto your home and increasing its square footage, your existing homeowners policy may not provide enough coverage. When adding onto your home, you should always contact your insurance company.
To learn more, call one of our representatives at The Hartford today at 800-624-5578
Remodeling Risks and Costs
There’s a lot to look out for during your renovation or remodeling project. Here are a few things you’ll need to know before you begin:
- Are your contractor and subcontractor both insured? Check for proof of construction insurance coverage with both your contractor and any subcontractors you are using. You’ll have peace of mind knowing their work is covered through the proper contractors insurance coverage while the renovation project is underway.
- Do you need a building permit? The requirements for building permits vary depending on the town or city you live in. Check with your local building official to see if you need to apply for a building permit for your home improvement project. Sometimes, your contractor will apply for this permit as part of their work.
- Do you have a Homeowners Association (HOA)? If you live in a community that is a part of an HOA, you may have to get approval from officials before any work can start on remodeling projects.
Renovation projects typically increase the value of your home. Because of this, your homeowners insurance premium
may increase as well. If the work you’re doing to your home fixes an aging area, it may help lower the cost of your insurance premium. For example, if you’re replacing an old roof, you might qualify for a lower premium.
Other renovations that can affect your insurance premium:
- Increased living space: Adding rooms to your home means you’re increasing the total square footage, and your existing homeowners insurance policy may not be enough to protect the new space.
- Kitchen and bath: If you renovate your kitchen or bathroom with higher quality systems and appliances, or make them larger, your existing policy may not be enough to match their new higher value.
- Pools: Installing a pool may increase your home’s value but can also increase liability risk. Your homeowners insurance policies come with personal liability coverage, but you may want extra coverage if you’re installing a pool.
- Flooring: Using unique material for your floors can make them expensive to replace, which means your homeowners insurance premium may be higher. This helps make sure that if your house has to be rebuilt, the expensive flooring will be included in the replacement cost.