If you’re considering giving your home a much-needed Renovation, we can’t blame you. It’s a great idea and can increase your quality of living and increase your home’s worth. But you’ve got to make sure you check your Insurance far before you get started. 

Many insurance companies in Albany, NY do not automatically cover you when you start a renovation, so it’s a good idea to go over your insurance premium very carefully to make sure everything is in place for your renovation to happen smoothly, and if something does go wrong, you won’t be out of pocket. 

Does Home Renovation Insurance Exist?

Unfortunately, there’s no such thing called home renovation insurance, but there are some things you may need to do to alter your existing home insurance to cover the changes you’re making. 

·      Change your coverage limit overall to make sure any added dwellings are included and there’s enough protection for your home. 

·      Update medical coverage if you’re trying to DIY anything just in case something goes wrong. 

·      Make sure there’s enough personal property insurance if things are damaged during construction such as your walls, technology, or even your tools. 

What Can Impact Home Insurance?

Your home insurance and its validity can be impacted by the following.

·      Installing a new swimming pool.

·      Replacing or building a new roof.

·      Altering or changing your HVAC systems.

·      Updating kitchens and bathrooms.

·      Adding porches or decks.

·      Replacing windows or doors.

Fun fact: some of these can bring your premium down in cost, so it’s a good idea to disclose what you’re doing to your agent for some feedback. For example, a new roof means less possibility of leaks, and this means less need to claim, so the premium goes down. Other things like a swimming pool can cause new hazards and will drive the premium up. 

Other Renovation Considerations

In addition to maybe increasing homeowners’ coverage there are two other policies you should know about, one is called builders risk insurance and this covers you and any contractors to protect what’s being built as well as if the building has to stop for any reason or if anything is stolen from the work site for example. 

Sometimes the contractor gets the insurance, occasionally you will need to.

The second type of insurance that you want to ensure your contractor has before hiring them is general liability insurance to protect them (and you) from any lawsuits regarding property damage and bodily injury. 

When in doubt, Call NY Insurance Hub! Their team can help you understand the word of insurance and how a remodel will need to change your policy. Check them out here: https://nyinsurancehub.com/

NY Insurance Hub Agency

125 Wolf Rd STE 404 Albany,

NY 12205 518-783-0105

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