5 Things to Know About Insurance Coverage Before You Plan a Home Remodeling Project

remodeling-contractSeveral homeowners in the country have already started planning major renovation or remodeling projects with the arrival of summer. It is, in fact, wiser to plan a home remodeling project in the summer, because you will not have to worry about weather or other climatic factors meddling with your project. Studies conducted by experts claim that about 26% of homeowners are planning a bathroom addition or renovation project in 2017. If you were among them, then the first thing to note is that you, your contractors, and subcontractors will need to have insurance coverage for that. Below are a few things you should know about insurance coverage when you are undertaking a home remodeling project.

Review your Homeowners’ Insurance

Get in touch with your home insurance agent or company and check whether your homeowners’ insurance policy covers your house and the property when it is being remodeled. In some cases, certain insurance policies might not cover the contents in your home, if there are any remodeling accidents. If that’s the case, you should look for a new homeowners’ insurance policy.

Ensure That the Remodeling Contractor is Licensed

Let us assume that you have already found experienced addition contractors for the remodeling job. However, ask them whether they are licensed before you sign a contract with them for the remodeling project. If they are not licensed, it is best to look for other options.

Check the Liability Coverage of the Contractor

Many of the remodeling contractors in the country have a general liability (GL) insurance that is specifically designed for remodelers. General liability insurance covers the contractor for accidental injuries that may happen to them or any other worker who is involved with the remodeling project. If your contractor doesn’t have such insurance, then you will be held responsible for the accidents. So, make sure to check the general liability insurance of your remodeling contractor.

Buy a Builder’s Risk Policy

The equipment and building materials that belong to your general contractor will not be protected from theft under your usual homeowners’ insurance policy. So, if you want to protect these valuable assets from theft, it is best to purchase a builder’s risk policy.

Insure Commercial Vehicles and Equipment

Most remodeling contractors and subcontractors use commercial vehicles that are designed for carrying building materials, equipment, and tools. These vehicles will require a special insurance coverage, primarily for the equipment and tools that are in them. So, get in touch with your insurance agent to insure the vehicles and equipment.


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