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If you are having major building improvements done for your home in Wayzata, Minnesota, you should let your insurance agent know. The best scenario involves speaking with your agent before you even begin to have work done. This allows the agent the time that may be required to research the potential increase in your property value.
Major Building Improvements and Your Home Insurance
Having additions or extensions added to your home will increase the value of your property. Your home may be insured for a replacement cost of $120,000. A major improvement can easily add another $20,000 or more to your home’s value. You need to increase your insurance to protect the investment you have made.
While the contractor you are using should have a license and insurance, you should talk to your independent agent to see if any additional coverage might be advisable. Contractors should carry insurance that protects you from liability from worker’s injuries and liens against the company. Their insurance should also cover any damages to your home will the work is being performed. For major renovations, a little extra insurance could be beneficial.
If you are completing the work yourself, additional coverage is recommended. You may have a large amount of money invested in the supplies and materials. You need to protect your investment before it becomes part of your home.
You should also consider that making minor improvements to your home will add up over time. If you are having $1,000 or so of work done each year, take the time to add up the total of these improvements over five years. You want to keep your insurance policy up-to-date with your home’s value.
When you work with Pizano Insurance for your home insurance needs in Wayzata, you only need to contact your independent agent. This saves you the time you would otherwise spend trying to reach your insurance company directly. You can contact us any time you need to get answers to your home insurance questions.