When planning a renovation, most homeowners focus on budgets, materials, and timelines. But one critical factor that often gets overlooked is insurance. Having the right coverage in place protects not only your property but also the people working on it.
Why Insurance Matters During Renovations
Renovation projects come with risks like accidents, property damage, theft, or even unexpected structural issues. Without proper insurance, homeowners could be left paying out-of-pocket for costly mishaps.
Types of Insurance to Consider
1. Homeowner’s Insurance:
Some policies cover small renovations, but major remodels often require updates to your policy.
2. Builder’s Risk Insurance:
Covers the structure and materials during construction against risks like fire, vandalism, or weather damage.
3. Liability Insurance:
Protects you if a worker or visitor gets injured on your property during renovations.
4. Contractor’s Insurance:
Always verify that your contractor has up-to-date liability and worker’s compensation insurance.
Tips for Homeowners
Notify your insurance provider before renovations begin.
Keep detailed records of contracts, receipts, and photos.
Ensure subcontractors are also insured.
Conclusion
Insurance may not be the most exciting part of renovating, but it’s one of the most important. By making sure you and your contractors have proper coverage, you safeguard your investment and reduce stress ensuring your renovation ends with peace of mind, not unexpected bills.
