Don’t Let Your Home Remodel Project Turn Into An Episode Of Tool Time

A Chicago Insurance Update

A home remodeling project can create an exciting new and improved home and even increase your home’s value. However, the process can be daunting and frustrating as your home can be the center of a “war zone” during the process. While you focus on color and design issues, do not forget to consider these items.

Homeowner’s Insurance

If you are increasing the value of your home, you will need to make adjustments in your homeowner’s insurance limits. Typically, your homeowner’s insurance will not cover the contractor or his work. If the contractor causes damage to another part of your home, you will want their insurance to provide restoration.

Review Your Contract or Agreement

Before you hire a contractor make sure you consider the following:

1. Check references
2. Go to Yelp or Angies List to check reviews
3. Ask the contractor to provide you with a certificate of insurance
4. Address how change orders will work
5. Be specific with regard to brands and products you desire
6. Never provide 100% payment upfront
7. All contractors who work on your home should have the following minimum insurance

• Workers’ Compensation to state minimum or statutory
• Commercial General Liability $1,000,000 Combined Single Limit
• Auto Liability $1,000,000 Limit
• Builders Risk which covers the value of the new work

8. Some changes or remodeling projects can actually help reduce your homeowner’s insurance; for example, upgrading electrical or plumbing. Replacing an older roof can also help your insurance costs.

It is important to note that not all homeowner’s policies are created equal, and what one company offers may not be the same as another company. Also keep in mind, if you bought your policy online, who really knows what coverage you have?

Slevin Insurance Group is one of the leading insurance agencies in the Chicago area. We’re always looking for ways to improve even though we think we’re already the best. Don’t just take our word for it – it’s what our customers are telling us.

This entry was posted on Friday, March 23rd, 2018 at 12:05 pm and is filed under Home Insurance, Personal Insurance, Property Insurance, Safety Tips. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.