Starting A Home Renovation? Don’t Ignore These Key Insurance Risks

More homeowners have been renovating their homes instead of buying due to housing prices. While continuing to build equity in your home can be advantageous financially, navigating a construction project isn’t easy. And when something goes wrong, many homeowners are surprised to learn of gaps in their insurance coverage or their contractor’s. Before starting a home renovation project, take steps to help ensure you’re covered against these potential risks.

Addressing insurance risks before starting a home remodeling project

Updating your homeowners insurance before starting work

One key risk to address before starting a home construction project is insurance. Speak with your insurance agent to review your homeowners insurance policy. For one, if you will be moving out during the reno, the underwriter will likely want to know. They might ask how far away you’ll be staying, how long you’ll be out of the home, etc.