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Do Homeowners Insurance Cover Your Home Renovations?

Jul 27, 2022

Homeowners Insurance

Do Homeowners Insurance Cover Your Home Renovations?

Imagine a scenario where your home is struck down in a disaster, and you have to start the renovation from scratch. With such an extensive renovation project, you would want to know in advance whether your homeowners insurance policy will cover the renovations or not.

Read on to learn more about this and other important questions frequently asked about homeowners insurance.

Choosing the Right Homeowners Insurance Policy

Many insurance policies are available online, but you should buy one that fits your needs and provides adequate coverage against mishaps and events. For example, it is expected that your insurance policy doesn’t cover flood insurance under the immediate policy unless you live in an area or state that sees excessive flooding.

In such a scenario, combining flood insurance with your current homeowners policy is a no-brainer.

Speaking of Coverage, What Coverages or Policy Changes Are Needed?

Before starting a home renovation, you must add one of the few coverages listed below under your homeowners insurance policy.

  • Liability coverage:

    Taking such coverage is paramount, considering accidents tend to happen on-site. Liability coverage will help you pay for recovery costs in an unfortunate accident.

  • Dwelling coverage:

    Have you ever stopped thinking about what would happen if your home's support structure crashes accidentally? Dwelling coverage helps you pay to repair or rebuild the physical structure of your home in case it's damaged during the renovation.

  • Increase your insurance coverage:

    This is highly recommended when you are making renovations on a massive scale. Increasing your coverage will ensure you are fully protected during and for future renovations.

Common Questions Asked for Renovations Under Home Insurance Coverage

  • Is it necessary to go through an insurance company before making renovations?

    Some home renovation projects are considered standard and will not require you to go through your home insurance company for approval. For more detailed queries such as what type of renovation can take place in a particular room or if you have accidentally caused more damage to your property, intervention from an insurance company can turn out to be helpful.

Communicating essential matters with them helps you know which situations are covered and not covered by them.

  • Will my insurance rates rise during a home renovation?

    Your insurance company will best answer this. Hence, talk to your insurance agent before starting any home renovation. If you renovate large sections of your property, you could expect a slight increase in your insurance premium.

Need for a Public Adjuster

What if an accident occurred at your property, and amidst the renovation process, you forgot to take an additional coverage?

Without having the said coverage, the cost of renovations that has spiraled out of control in the first place will be borne by you.

In such a scenario, hiring a public adjuster can help you. Their primary role is to fight for your insurance claim and get your money to fix your renovations. They can take your stress away so that you will likely be able to complete your renovations with insurance money.

Consult with Fuller Insurance Agency

If you still haven’t purchased homeowners insurance coverage, get it today and protect yourself financially if anything is to happen to your house in the future. Contact our insurance agent here at Fuller Insurance Agency for more comprehensive advice about specific coverages you should buy.

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