Homeowners who are interested in making sure their home insurance is sufficient when doing a renovation project should work with their agent at Coastal Wealth Insurance LLC serving Fort Lauderdale, FL and the surrounding communities. Here are some tips about things to do and check when renovating your home.
Conduct Due Diligence on the Building Contractor
Check to see if the building contractor you intend to use for the construction work is licensed and carries the proper levels of insurance. At a minimum, check for worker’s comp insurance, general liability insurance, and commercial vehicle insurance.
If you hire a building contractor who does not have the proper insurance, then, as the homeowner you may be liable if something goes wrong. Be wary, if the quote for the work is significantly less than all the other bids you get. This may be a sign that the contractor cuts corners, does not carry adequate insurance, or may hire undocumented workers.
It is better to pay a fair price for the work and not have the risk of liability exposure or end up with inferior construction work.
Upgrade Home Insurance
As the project moves forward, you will want to increase home insurance for the value of the additions. It is a mistake to wait until the end of the project to make sure your insurance is adequate.
Replacement cost coverage is the preferred type of home insurance to have because insuring only the actual value does not give the homeowner enough protection if the home is destroyed and needs to be completely rebuilt.
If you can, add things to the home that will lower your risks such as an alarm system or hurricane-proofing. Also, flood insurance is separate from home insurance. Be sure to get flood insurance coverage too. Pretty much every home in Florida should have flood insurance now.
If you are making plans for a home renovation contact your agent at Coastal Wealth Insurance LLC in Fort Lauderdale, FL to get a home insurance review. Get a quote for an upgrade to make sure that your coverage is adequate.