Here are four tips from the Insurance Information Institute to keep in mind before you tackle your next big project:
- Are you DIYing your home improvement project? If you’re thinking of tackling a project yourself or with friends you may need to increase the amount of liability protection in your policy. This coverage ensures you’ll have enough funds for medical bills if someone gets hurt while helping out.
- Consider a builder’s risk policy if you’re working with a professional contractor. This coverage protects your home from damage during construction, such as wind and rain damage, theft or vandalism.
- Confirm your contractor has insurance coverage. Your contractor should have a business liability and workers’ compensation policy, and should willingly verify their coverage. This is important because your contractor’s insurance covers injured employees, so they do not sue you.
- Follow up with your insurance agent. Major renovations could change the value of your home, and you’ll want to be sure your policy is updated to reflect this. Additionally, be sure to update your home inventory list with any new furnishings or items purchased for your renovation, such as new deck furniture.