Are you one of those people who read their home insurance policy in its entirety? If so, then you are not reading this article. If not, but you haven’t read the policy carefully and are planning to renovate your home, you should.
Many home insurance policies do not apply if you are renovating your home. In fact, it says so in the fine print. Insurance companies are not interested in insuring homes that are renovated. If you think about it, you can understand their point of view. Fires are more likely to happen when people are playing with flashlights in their homes than when they are living in their homes. You don’t want to find out after such an incident that your home is not insured, do you?
Below are five tips for getting home insurance in NYC when you renovate your home. Do it before anyone touches your home. Don’t, like some people I know, go to an insurance agent to check if you’re insured once you’ve started the renovation. In their case, nothing bad happened during the three days they were uninsured. But that was luck. Don’t rely on luck.
- Call your broker and make sure you have the right insurance for the renovation.
- Check with the general contractor’s insurance company and call to see if the general contractor has liability and workers’ compensation insurance. You need to know what to expect if something happens to your home during the renovation. They need to know if they are insured.
- If they are not insured, get home improvement insurance and construction risk insurance.
- Make sure the general contractor is listed as an additional insurer.
- Verify that your home is insured against the value of your renovation.
- Request that the contractor be included in the general contractor’s liability insurance as an additional insured. Both you and the general contractor should be insured in case one of the contractor’s employees or the contractor himself is injured on your property. Don’t assume that the contractor will buy or pay on time. The more control you have, the better for you. Even if you have to carry construction insurance.
- If the work you’ve done has increased the value of your home, renew your homeowners’ insurance to reflect the new value (and you should check each year to make sure your policy covers the value of your home). If your home is located in an area or at a time when its value is increasing, you need to ensure that your insurance covers the increase in value. If your home is located in an area where its value is decreasing, you should be careful not to pay more for insurance than necessary (insuring a $250,000 home is more expensive than insuring a $210,000 home).
In conclusion, you should always check with your insurance company before you start renovating your home. Once a year, you should check to see if your home insurance is properly paid.
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