The Role of Home Insurance in Renovation Projects

Renovating your home is an exciting way to enhance comfort, boost property value and tailor your space to your needs. However, before you start knocking down walls or updating your kitchen, it’s important to understand how home renovations can affect your insurance coverage. At The Wyatt Agency, we help homeowners navigate the insurance considerations that come with remodeling, ensuring your investment is protected every step of the way.

How Renovations Impact Your Home Insurance

Home improvements can change the value and risk profile of your property. Projects like adding a room, upgrading electrical systems or installing a pool may increase your home’s replacement cost or introduce new liabilities. If your policy isn’t updated to reflect these changes, you could be underinsured in the event of a loss. Some renovations may even require additional coverage, such as increased liability protection or endorsements for specific features.

Steps to Take Before Starting a Renovation

Consider these steps to help safeguard your home and finances during a renovation:

• Notify your insurance provider. Let your provider know about your renovation plans before work begins. They can review your current policy and recommend adjustments if needed.
• Review contractor insurance. Ensure your contractor carries adequate liability and workers’ compensation insurance. This helps protect you from potential claims if someone is injured on your property.
• Document your project. Keep records of contracts, receipts and photos of the renovation process. This documentation can be valuable if you need to file a claim.
• Consider additional coverage. Depending on the scope of your project, you may need a builder’s risk policy or temporary coverage for materials stored on-site.

Let Us Support Your Renovation

At The Wyatt Agency, we work closely with South Carolina homeowners to provide guidance before, during and after renovation projects. Contact us today to review your coverage and get personalized advice for your next project:

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.