A personal Insurance Update
Many people are remodeling their homes these days. However, before you jump into a project, you might consider the following home insurance issues. Most homeowner’s policies are based on a value of your home that fluctuates based on the “like kind and quality” that existed when the policy was first placed.
Many home improvement projects increase your home’s value, and should be added to your current replacement value.
- If your DIY project requires a permit and you fail to get one, your homeowner’s insurance may be in jeopardy. For example, if you install a wood stove but fail to get a permit and have a licensed contractor complete the work, your insurer would automatically deny any resulting claims most of the time.
- Your homeowner’s insurance covers third party injuries. It does not cover injury to you or members of your household.
- Here are a few examples of DIY projects that will have an impact on your insurance: Outdoor living spaces, pools, upgraded kitchens or baths, room additions, and storage sheds.
With over 40 years of experience in the industry, Brad Runnebaum and Jeff Hartman established PlatinumOne Insurance Agency in 2008. We have established relationships with some of the top carriers in the industry including Travelers, Allied, Kemper, Encompass, Progressive and many others.