Homeowners Insurance Florida | Many people purchase home insurance policies and quickly forget about them until the unthinkable happens. However, there are times when you should review your policy and make updates as you are updating your home and your life – undergoing home renovations is just one of those times.
Most renovations increase the value of your home, but they can also increase to the amount of protection you need in the event of a loss. This is a great time to review and make any necessary changes to your home insurance policy that will ensure the new investments to your home will be beneficial if you should ever face having to replace them.
Consider these tips as you prepare for your home renovations:
Review Your Policy and Home Coverage Before Your Renovations
One of the first calls you make about renovations should be to your insurance broker. Since there are some home projects that can void your policy, you want to be aware of this before you begin the renovation process. Additionally, it’s important to keep in mind that renovations that require you to remove furniture from your home and use on-site storage could require a separate insurance policy.
Know Your Contractor
Before you sign a contract for any work on your home, make sure the contractor you hire is licensed, bonded and has adequate liability coverage. Property damage and worksite injuries can occur in environments where construction is taking place. The general contractor is responsible for these accidents. The contractor is also responsible for accidents that happen on a job site beyond him or his workers. An injury to a visitor at the site, for example a delivery driver or paint crew member who slips or trips, might be covered under the contractor's liability policy, and not necessarily your homeowners policy.
Review Your Policy and Home Coverage After Your Renovations
Did you finally add that detached garage? Maybe another bathroom or bedroom? These could affect various aspects of your insurance policy, and you may need to increase your coverages. For example, if you built a gazebo or other detached structure on your property, you may need to increase your Coverage B, or unattached structures amount. If you added an extra bedroom, you may need to increase your Coverage A, or dwelling amount. Additionally, if you bought personal items to fill your new space, you would want to account for that by increasing your Coverage C, or personal property amount.
In all home renovations, cost is most likely the biggest consideration on your mind. It is helpful to think of the potential costs you could incur if you are not properly insured during these big life changes. As you add value to your home, don’t leave yourself vulnerable to unnecessary and unforeseen financial disasters.
Be sure to contact your American Integrity Insurance Agent today for a full review of your current homeowners insurance policy. Visit American Integrity Insurance for a free, no obligation home insurance quote in Florida.
American Integrity Insurance is committed to providing Florida homeowners with sound, comprehensive insurance coverage and an extraordinary customer experience. We strive to be a valued partner to our policyholders, agents, and community.
We offer traditional and high valued homeowners insurance, condo insurance, renters insurance, and the special coverage required for vacant homes, manufactured homes, and policies designed for those who need less coverage or are renting out their home. We also offer extra protection, including flood insurance, umbrella insurance, golf cart insurance, boat insurance, cyber coverage and identity theft protection as well as equipment breakdown coverage, to help address a broad range of needs facing Florida homeowners today.