Ready to Remodel - Tips to Insure Your Project
As a homeowner, the projects are never-ending. From small do-it-yourself to large projects that require contractors and permits, there is always at least one project on your To-Do list for your home.
With society's love of HGTV programs like “Fixer Upper” and “Flip That House”, Hollywood's editing magic makes these projects look quick and easy. It is no wonder that homeowners are taking on more home remodeling projects to update or improve your home for your family (or a future family).
However...before you dive into that next major remodeling project, make sure you are covered for those upgrades and know what to look for when hiring a contractor.
Are your upgrades covered?
First and foremost, for any upgrade project (DIY or professional project), one of the first things you should do is to connect with your insurance agent on your homeowner's policy. You will want to disclose all of the projects and upgrades as well as the costs to make sure you have the right coverage going forward.
If you are going for the DIY - make sure you understand when your work is covered and when it might not be.
Depending on the type of remodeling project and upgrades, this may be a good time for you to shop the best coverage to make sure your home is properly covered for everything you are planning to do.
5 Steps for Hiring the Right Contractor
Next, assuming you are taking on a larger project that requires bringing in a professional contractor, you need to make sure you are asking the right questions to ensure that your contractor, his team, any subcontractors, and all of his work is insured and covered while he is working on your project.
- Step One: Make a list of the local contractors that you want to use. Ask friends and neighbors for quality recommendations to find the right type of contractor for your job.
- Step Two: Read reviews to narrow down your list of contractors.
- Step Three: Start requesting bids for your project.
Be prepared to interview your top candidates from your research. You will want to ask key questions about your project, the cost, the timeline, and their credentials for doing your project.
- Step Four: Ask for references
- Step Five: Choose your contractor and begin scoping the job timeline and costs.
Be sure you take the time to ask for and review your contractor's insurance. Since you are only wanting to hire properly licensed and insured contractors, he should have no problem sharing proof of his coverage with you.
There are three types of coverages he will need to have in place.
- Worker's Comp
- General Liability
- Builder's Risk (possibly)
Learn more about the three types on our Remodeling My House page.
Remember to update your insurance agent along the way if the remodeling project changes, costs increase, or you modify anything discussed in the quoting process of your homeowner's coverage. You will want to have the right coverages in place to cover the “After” results of your amazing new remodeling project.
Next Steps: Request a Homeowner's Insurance Policy Review from the specialists at Pasadena Insurance Agency. We've been helping homeowners properly insure their homes for since 1936.
Are you a contractor wanting to learn more about risks, liabilities, and the coverages you need? Learn more about how the team at Pasadena Insurance Agency can help you.