PFS Insurance Brokers Blog
It’s always a combination of fun and challenge when deciding to plan for a renovation for your home. It’s undoubtedly something to look forward to as a homeowner, from designing a brand new floor plan to picking the tools and paint colors. And what a better way it would be to save renovation costs when you have a home insurance policy.
In this article, learn some of the essential tips when you finally decide to refurbish your home.
How Renovation Affects Your Home Insurance
With a home insurance policy, you can secure the value of your house and personal items if you sustain setbacks that include fires, disasters, and theft. In case one happens, your home insurance would provide the needed assistance for home rebuilding and replacement for some of your belongings.
Secure Your Permit
Your state or local government has the right to halt your renovation process, mostly if you could not get a permit. Remember that a failure to secure a permit would cause your renovation project to be shelved until you were granted to continue again. Applying for a license may take some time, even up to 30 days, depending on the state where you live.
Note that if an authorized inspector decided to conduct an inspection and found out it wasn’t permitted, he has the right to shut the progress and tear it down. And in case that happens, your home insurance provider won’t be liable to make up for your failure to secure the mandated permission.
Notify Your Insurer Immediately
Aside from the state authorities, it would help if you also had the initiative to inform your home insurance provider about your renovation plans before you even start. Recognize that your home policy covers rebuilding your home in a time of unfortunate events. And while renovation would elevate your house’s value, it also means that the rebuilding cost would increase if there’s damage.
That’s why it’s always essential to ensure that your insurer would always be informed about your home’s status.
Look for Discounts
When you’re planning to renovate, it’s a common idea to install innovative technology for better security and overall living experience. And while it may be pricey, installing modern security and home tools would earn you a discount from your insurer. Setting up smoke detectors, security alarms, and impact-resistant roof and glass windows are some of the conventional ways to upgrade your home.
Despite all the home improvement plans, many homeowners are still unaware of the importance of having a home insurance plan. While a renovation may prove costly either way, having the policy would mean that you secure your home and property to prepare for any unwanted scenario.
At Pro Financials & Insurance Services, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (708) 233-8870. You can also request a free quote by CLICKING HERE.