Protecting your Home with Remodel Insurance
You may be looking forward to pursue that home improvement plan that you have been holding up to for years. It may just be as simple as replacing a leaky roof or as extensive as building a third-floor on your two-storey house. Whatever changes you are planning, you have to know that any remodeling project can have an effect on your insurance needs.
If you think about renovating your house, you have to make sure that the contractor, the laborers, as well as your home all have remodel insurance. This way, they will have adequate coverage when things don't go your way. Don't make the same mistakes that the others do who wait for something to happen before they realized that remodel insurance is indeed necessary. For example, let us say that your third floor was already successfully completed before you file for a remodel insurance, if ever worse comes to worst and something happened to the additional floor, you will be responsible for the cost of rebuilding the damage.
If you wish to hire a contractor, always ascertain that the company or the person is properly insured. Always remember that a highly reputable contractor should readily have remodel insurance or what is commonly known as the certificate of coverage. This paper indicates both the contractor's liability insurance as well as their laborers' compensation.
The part of the insurance that states the laborers' compensation protects you from any responsibility that can result in an incident where the laborers get hurt while doing the job. However, the contractor's liability assures a full coverage for any future damages to your property caused by the mistake of the contractor on the entire process of remodeling.
In the majority of home remodeling projects, your general contractors would normally subcontract with third party electricians, plumbers, and builders. These third party laborers are mostly not covered by the remodel insurance brought about by the general contractor. However, some independent company does carry out their own remodel insurance. So, be sure to get a copy of theirs as well.
Always remember to contact your personal home insurance representative either before or shortly after the construction has begun to raise the insurance coverage of your home. The increased amount usually carries of a much higher value, more often the value appraised from the finished product after remodeling.
Getting remodel insurance may not be top on your priority list. But after reading this article, you sure have realized how important it is.
