Renovating your home is an exciting way to enhance your living space and increase your property’s value. However, many homeowners may not realize that home renovations can also affect their insurance coverage. At ABC Insurance & Financial Services, we want to help you understand how remodeling projects can impact your policy and what steps you should take to stay protected throughout the process.

How Renovations Can Affect Your Home Insurance

When you start a renovation, your home’s value and risk profile may change. Improvements can increase the cost of rebuilding your home, which means your current coverage limits may no longer be sufficient. Additionally, construction work can introduce new risks, such as accidental damage, theft of building materials or injuries to workers on your property.

Key Steps to Take Before Starting a Renovation

To help ensure you remain protected during your renovation, consider the following important steps:

• Review your current policy. Review your coverage limits and exclusions to make sure they still meet your needs.
• Notify your insurance provider. Let your insurer know about your renovation plans before work begins. This allows them to assess any changes in risk and recommend updates to your policy.
• Consider additional coverage. Depending on the scope of your project, you may need extra protection, such as builder’s risk insurance or increased liability coverage.
• Confirm contractor insurance. Make sure your contractor is properly insured and licensed to help protect you from potential liability.

How ABC Insurance & Financial Services Supports Arizona Homeowners

Our team understands the unique risks associated with home renovations. Contact us today to discuss your insurance needs and get personalized guidance before starting your project.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.