Renovating an attic has many attractive benefits, including having more room in the house, the chance to improve the insulation to potentially lower your energy bills, and perhaps giving a teenager or another in-law a new bedroom.
Home Insurance Review
One consideration you may overlook is the need to adjust your home insurance coverage. This need comes up before the project starts, especially if you are ordering materials for the project.
Get a home insurance review with the help of your agent at Mutual Insurance Partners in Follansbee, WV. You want to describe the project plans to your agent, have a phased strategy to increase home insurance as the work progresses and discuss other liability considerations, such as having workers in your house.
Hot Tip: Be sure to carefully background check any contractors. Verify their contractor’s license and commercial insurance are in good standing.
Insuring the Replacement Value
A new construction project may give you sticker shock regarding how much it actually costs to build the project and renovate your home. This creates an excellent opportunity to increase the coverage on your home to meet the current replacement value costs.
This is the preferred strategy, especially to protect a family, because if you have to rebuild your home, you will want to have enough funds to cover the costs. Your family can survive living in a hotel for the time needed to rebuild your home as long as they eventually get to move back in to a newly made home that is similar to the one that is lost.
What Happens if Something Goes Wrong?
Your agent will help you make a claim if the incident is a covered peril. Ask your agent to explain the details of your coverage and what things are protected and the policy limits.
Consult with your agent at Mutual Insurance Partners in Follansbee, WV, for all your home insurance needs.
