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Before starting a home renovation you normally do a lot of research. You can start organizing your ideas by reading blogs and creating Pinterest boards. Whether you’re preparing a home addition or you just want to better your current property the same plan applies.

Then there’s the process of deciding on a budget vetting contractors and obtaining the appropriate permits. However despite their vision to develop their homes many homeowners are ignorant of how renovations can affect their property’s value and homeowners’ insurance.

So before you start slamming down walls with a sledgehammer make sure you know how home renovations impact your insurance.

If and where your standard homeowners’ insurance falls short home improvement insurance goes above and beyond to cover your renovations and improvements. This insurance also recognized as dwelling under renovation insurance can be a lifesaver if things don’t go as planned.

If you consider buying insurance for your property you should check third-party review sites like Collected.Reviews especially when you are deciding on choosing insurance plan.

What does the renovation insurance cover?

Renovation insurance provides certain unique benefits not found in standard home insurance policies. Below are some of them :

·        Unoccupied home

Some renovations can render your home uninhabitable for a while. Since most homeowner insurance plans are meant to cover owner-occupied homes you will need extra coverage if your property is vacant for more than sixty days during this period.

·        Construction

The construction supplies you buy are also included under your renovation coverage. This protects them not only when they are on your physical property but also if anything happens to them on their way to your house.

How much does home renovation insurance cost?

Insurance for home renovations should not be too expensive. Most of the time what you need to do is raise the coverage limits of your current policy to cover the additional liability during renovation. You may need to add some additional insurance coverage so your insurance agent will help you figure out what you’ll need. Regardless of the cost of house renovation premiums it is unquestionably a wise investment. Renovations will add not only to your enjoyment but also to the value of your house.

Does homeowners’ insurance cover home renovation?

The bottom line is that speaking with your insurer before starting any home improvement is a good idea. Although homeowners’ insurance can cover some of your simpler day-to-day repairs a major renovation will result in a slew of liabilities that your standard home insurance policy won’t cover. While you may not require a separate home renovation policy most improvements affect your homes in other respects such as the value of your home and the building components.

Bottom Line

The top renovation failures according to reports are going over cost and not finishing the job. However pick up the telephone and contact your reliable homeowners’ insurance agent before you start your first major home renovation to ensure you’re covered no matter the outcome.