INDUSTRY INSIGHT
INSURANCE
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Making Renovations ?
Insurance Coverage Concerns that you may not know about
With spring just around the corner many of us are thinking about doing some home improvement or remodeling , However few consider how important it is to make sure that they have the right amount and type of insurance coverage during the project and after . Here are the basics to keep yourself protected whether it ’ s a DIY job or one being done by a hired contractor .
Before starting any major projects at your home consult your home insurance agent first .
Based on what you are doing your agent can advise you on what you may need to update your policy and if you need any additional coverage during the project . If you are going to do the work yourself with help from friends be aware of your liability in case one of them is injured . You may want to discuss raising the medical protection on your policy that will directly pay for injuries sustained by friends working on your property . That way injuries can be paid for immediately and can reduce the risk of you being sued .
If you are taking on a large project by yourself that will involve a good bit of new construction on the home , you may need a builder ’ s risk policy which would be a separate policy or in the case of some homeowner ’ s policies coverage can be added to the policy as an endorsement . This type of coverage will take into account the additional risks of construction including purchased building materials that may be stolen . It is extremely important to discuss with your agent what your homeowner ’ s will and will not cover and what coverage may be need to be added when you take on new construction by yourself . any additional square footage to your home . The larger living space in the home will increase the cost to rebuild and this will need to be reflected in the dwelling amount on your policy . In fact some policies require your dwelling coverage to be at 100 % of reconstruction cost so it is important to have this reviewed once your job is complete .
If your addition happened to be a swimming pool , hot tub or somethimng more elaborate such as a small tennis or basketball court , you may want to look at increasing your liability on your home . Additionally consider purchasing an umbrella policy that provides a million dollars of liability on top of your homeowner ’ s liability for a very affordable cost .
Remember , when planning your next big project to include your insurance agent . We at the Bill Flinn Agency are here to advise and protect you for all major changes in your life . Whether it be home improvements , marriage , kids or even starting your own contracting business ; we are here to help .
If you are interested in our home improvement coverage checklist go to www . Billflinnagency . com / renovate or give us a call at 412-833-5351 .
This Industry Insight was provided by Jason Flinn at The Bill Flinn Agency .
For over 40 years The Bill Flinn Agency has been serving the Bethel Park and South Hills communities . Since opening our doors in 1972 our mission has been to treat our customers by the golden rule . Learn more about us at www . billflinnagency . com , or stop by our o�ce on South Park Road in the heart of Bethel .
Having a contractor do the work ? Make sure they are properly insured .
If you are having a professional come in to do the work don ’ t assume that your insurance responsibilities end there . Your home is your most important possession and if anyone is going to be working on it they need to have the coverage to take care of damage from a job gone wrong . It is very important to verify that anyone working on your home be properly insured and to not just take their word for it . Ask your contractor to have his or her agent send you a certificate of insurance for their company , and be sure it comes directly from the agent . The certificate will show you the types and amounts of liability coverage they currently have . What you want to see is a general liability with at least a million in liability coverage and if they have employees , a workers ’ compensation policy . If they don ’ t have employees and use subcontractors or “ trade contractors ” make sure that you obtain certificates for them as they are independent contractors as well and need their own insurance coverage .
If a contractor will not provide a certificate for you no matter how small the job it is in your best interest to find another contractor . One mis-wired switch could burn your entire house down so be sure that anyone working in your home has the proper coverage to protect you .
Update your valuation on your insurance once the job is done .
Once the job is finished be sure to have your agent run a reconstruction cost estimator for you , based on the changes you have made . This will make sure that the coverage for your home is accurate . This is especially important if your renovations added
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