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DIY Gone Wrong | Most Asked Questions on Home Renos

By June 14, 2018 August 10th, 2018 Personal Insurance

New wallpaper? Easy. Upgrading a light fixture? No sweat. For Tyler, he is a DIY master, but when he decided to take on bigger challenges like knocking down his living room wall or redoing his basement… well let’s just say he was caught with his toolbelt down.

Tyler’s living room ended up looking like a wrecking ball torn right through it and possibly left with severe structural damage.

Even though Tyler (and his sidekick, YouTube) have pulled off many DIY projects, there were projects that he had no business trying on his own.

Like Tyler, most DIYers or people building homes may or may not have a pretty good handle on what needs to happen to keep their projects on time, to code, and on a budget. Hiring a contractor might be the best option, but could be a costly mistake if not done right.

Take it from our Vice President of Commercial Lines, Kent Rowe. He’s suffered more than his fair share of DIY disasters back in the day but learned the valuable lesson of being ten steps ahead. He shares some reno ideas you need to think about before you hammer the first nail.

Big or small, any home renovation can be tricky and overwhelming at times. There’s creating the overall “look” of the project, the budget, finding the right contractor, and hoping for a smooth construction process. But a huge consideration that often gets left behind in the toolbox is making sure the project is adequately insured.

Lately, we’ve been getting a fair share of questions on renovations and new home build. Here are our most popular questions we get asked.

1 ) Will My Home Insurance Cover My Remodel or New Build?

It really depends on the amount of work that is being done on your house. If you’re just doing cosmetic work like paint or new carpet, then you have nothing to worry about.

However, if you’re building from the ground up or long-term renovations, especially if you move out, certain coverages on your home policy may be excluded. a homeowners standard policy doesn’t cover you for the extra risks involved in a reno.

Builders Risk Policy will need to be purchased. Builders Risk Policy is meant to insure your property similar perils as your homeowner’s policy but offers special provisions as a result of the home is under construction.

General Contractors often have Builders Risk Policies already in place to cover your renovation project, but make sure you double check with your contractor to if they have insurance and have a letter of good standing from the WSCC (Workers’ Safety & Compensation Commission).

2 ) If I’m Renovating My House, Do I Need To Let My Insurance Broker Know?

Absolutely. Big or small, it’s important that you let us or your insurer know before you make any changes.

If you are adding any value to your home, such as square footage, upgraded appliances, or a new roof, there’s a good chance that it’ll increase the value of your home.

You’ll want to make sure that your home insurance coverage reflects the increase in building cost. This will help ensure you’re not left footing a portion of the bill if you need to file a claim.

3 ) When Should Insurance Be Acquired? Before, During, or After?

You’ll want to insure the project the day It starts. Failing to do this could result in an uninsured loss or a much higher premium if you wait to insure the project after significant completion.

4 ) Is There Anything I Need To Do Once The Reno is Done?

Once you’re finally ready to put your feet up and rest on your laurels, make sure you touch base with your provider again. Double check that all upgraded building materials and appliances are reflected in the amount of coverage through your insurance.

The Key is Being Prepared

No matter how big or small the project might be, it’s best that you give us a call. We’ll give you the recommendations for the right coverages and make sure everything is as it should be.