What You Need to Know Before You Start Renovations

Friday, July 11, 2014

renovationThere comes a time when you may feel a change is necessary in your home – in the way it looks and feels. To give your surroundings a new look and feel, renovations can be necessary. However, a series of renovations can do much more than update your household. You can use it as an opportunity to repair any damages as well. So, before starting with renovations, it is important that you know the following about your insurance.

Your Insurance Provider Should Be Notified

Once you start renovations, your home will be nothing less than a construction site. This can be dangerous considering the fact that various people will be working around your home. It also leaves you open to risks like theft and extensive water damages. Ensuring that your insurance provider is on the same page will ensure you are covered in case an accident occurs or a massive amount of repairs is needed. 

Unoccupied Homes are Not Covered 

During renovations, sometimes you will not be able to reside throughout the ordeal. If your house remains unoccupied for more than 30 days, your insurance police can become void. If you need more than 30 days to renovate your home and you cannot stay there, consider putting in a vacancy permit. That way, you will still be covered even though you may not be there.

Insurers Do Not Cover Verbal Agreements

If you are taking advantage of your coverage plan and wish to have repairs, a written contract is a must. Having a record of all expenditures is a good way to facilitate costs from the insurer. Without written proof or records, you will have to bear the costs yourself and your insurer will not become involved. 

As you can see, insurance has a strong role in your home’s renovations, so make sure to inform your insurance providers before you start. This can protect you from hassles and problems and help you save both your money and peace of mind.