Property Manager MA: Insurance after Home Modeling
Renovations add a lot of value to your home and they also end up increasing the curb appeal. This will be a welcome change for you as you know that your home will be better valued. Sometimes the problem is that you can face some unexpected events to disrupt your plans. This is why it is important to have a homeowners’ insurance policy so that you can protect the additions you have made to your property.
So before you start your project you need to make sure that your home remodeling is protected. Talk to your insurer and see what they say. You need to take the square footage of your home, the cost of upgrading your appliances or the roof repairs to be covered as well. The home insurance should be adequate enough so that you don’t have to worry a bit.
In the event that you have a home office, try to make sure that there is no liability exposure and that your material is financially protected. So get everything covered from within your policy so that there are no nasty surprises later. The good thing is that you can get a business owners policy or an in-home business policy.
Another problem which could come up is if someone is injured on your property during your renovation. So it is important for you to ensure that there is enough coverage so that you can pay for the injuries. So let your insurer know everything.
Property Manager MA: After the Renovation
Once you finish your home remodeling you need to do a couple of tasks. The first one is to make sure that you come up with a proper home inventory. This will allow you to take stock of what you have. Keep all the receipts handy and take pictures of everything. This will help you have some record of what you have done. At least this way you can prove to the insurance company that you have done work on everything.
It is vital to talk to your insurance company at this stage so that you both are on the same page. They need to know the costs of the all upgraded material and the coverage you will need in case there is a big loss.
The caveat is that you could be paying a higher premium if the home remodeling increases the replacement cost. It doesn’t mean you have to stick with your current insurer as you can always get a good deal somewhere else. So look around and see if you save some money. You also may have to look at the fine print though.
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