Insuring Home Improvements

October 16, 2013 at 9:55 AM | Posted in Home, Insurance Claims, Insurance Policy | Leave a comment
Tags: , , , , , , , , , , ,

When hiring professionals for your home improvement projects, know the basic guidelines you should follow:

  • Make sure all necessary permits are pulled.
  • Request Certificates of Insurance from the contractor.
  • Call Dig Safe before work begins whenever digging below ground occurs – It’s the law!
  • Communicate clearly and effectively with contractors throughout each phase of the project.
  • Always get a written warranty and receipt.
  • Notify your insurance agent of the work being performed so they can adjust your insurance policy accordingly.

Getting a good price on any work you have done is important, but price alone should not be the driving factor.  Did you know that any loss or damage to your dwelling resulting from defective, inadequate or faulty planning, construction, or maintenance of any property resulting from alteration, construction, repairs, renovation, remodeling or maintenance including materials used is excluded under all home policies?  Any ensuing damage might be covered if it is not otherwise excluded but faulty work, planning, and materials would not be.

Simply put:  If you have work done on your home and that work is not done correctly — or the correct materials are not used — your insurance will not pay for that work to be re-done correctly.
For example: …If you had a water loss due to the faulty work done to your roof, the ensuing damage “might” be covered, but the cost of repairing the roof would not be. You would be responsible for pursuing the contractor for the faulty work performed.

It is very important that you hire a reputable contractor and research their references prior to doing any work, because there is no coverage you can buy back once faulty workmanship or materials result in further damage.

Faulty work or materials are not all you want to think about. Town ordinances or zoning laws change over time.  If you have a partial loss in your home and the city or town zoning laws changed since your home was built, you could be required to update some undamaged portions of your home to meet the new zoning requirements when you start to repair or rebuild after the loss.  Fortunately, there is some coverage under your home policy for these types of claims.  The basic home policy is usually limited to 10% of your dwelling coverage but there are higher limit options available to purchase.

If you have any questions regarding policy limits or how your policy will respond to a specific scenario, call Protector Group at 888-850-9400.

Advertisements

Leave a Comment »

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.
Entries and comments feeds.

%d bloggers like this: