How I can get property insurance when my house is being renovated?
Property insurance is required in most of the properties that carry a mortgage. Most insurance policies homeowners coverage consist of housing (the house), the replacement cost, personal injury and personal property. If you are undergoing repairs or renovations to a house, however, you have to update the coverage before the work is completed.
Check your insurance policy current home. Look carefully at the coverage of housing . This covers a major accident or disaster, like a fire, and is usually based on an assessment of your home. Examine your replacement coverage. This represents the percentage of housing is covered.
Meet with your insurance agent and add a clause vacancies for your policy coverage. This will protect you if your home is damaged unoccupied during construction. Most policies without this clause allow homeowners are separated from their properties for 30 or 60 days.
Decide whether or not you wish to add insurance to your builder’s risk policy. This additional protection covers any furniture, carpet, appliances and other personal possessions if they are damaged due to exposure. Large remodeling jobs often include opening walls, ceilings and windows for an extended period of time. Check first to see if your contractor has the insurance.
Bring any estimate of the contractor to your insurance agent, especially if you are doing major repairs. The start of renovations increase the value to your home, so you should increase your coverage housing . Do this before starting repairs if a serious accident occurs during the construction
Work with your agent to increase the coverage of your home. Consider increasing replacement coverage (at least 100 percent of replacement) and your personal injury coverage if you do any work yourself.
Commits all changes to your insurance agent. Be sure to show the contractor’s certificate of insurance. Do not start until repairs according to insurance upgrades. You should be protected while your home is being remodeled.