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Remodeling? Renovate your insurance

 

Remodeling? Renovate your insurance

POSTED BY administrator on Apr 28 under kitchen

Remodeling? Renovate your insurance
News from Chicago Tribune:

When it comes time for a home renovation project, think beyond installing granite countertops or knocking down walls. Think about renovating your home insurance to protect your investment.

The insurance industry suggests reviewing your coverage with your agent annually, a recommendation roundly ignored by many homeowners. Keeping your agent informed especially makes sense if you’re planning a makeover, simply because there’s no magic formula to determine how much a project might affect your premium.

Ed Charlebois, vice president of personal insurance for Travelers Insurance, recommends talking to your agent if you’re adding to the value of your home by 5 percent or more. Explain what work you’re planning and get an estimate of how it will affect your premium.

Increase your insurance coverage before the work begins in case there is loss or damage. While you’re at it, make sure the contractor and subcontractors are insured for liability and workers compensation.

The most popular renovation projects are redoing the kitchen or bath. Though these jobs can run into the thousands of dollars, they often offer high rates of returns on the investment.

Installing a fire alarm system can save on an insurance premium through discounts, said Charlebois.

Another safety-related project that could save money is replacing an…………… continues on Chicago Tribune

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