With temperatures in the high 90's in Jacksonville this August, many homeowners are turning their attention to replacing or expanding their air conditioning systems. But they are also deciding to take on other repairs or home improvement jobs, like adding a room, remodeling a kitchen or bath or building a porch. In all of those cases, you need to be cool about covering your liabilities during renovation or home improvement work.
To avoid problems before work begins, you need to know what happens if damage occurs during your work project? Who will be responsible for the coverage? Who is liable?
The first step you should take before any major home repair or renovation is let your J.P. Perry representative know the specific details of your project so they can provide guidance as to what your existing homeowners' policy does and doesn't cover. Sometimes it is necessary to have additional coverage with policies called "dwelling under construction" or "renovation insurance." Or you may need to increase the liability section of your policy if you are planning to do the work yourself or with the help of friends and family.
Whenever you hire a contractor, you need to verify their insurance coverage to make sure they have business/general liability insurance and workers compensation. You need to check further if there is any coverage in case of shoddy workmanship or defective building materials.
In addition, home improvements can increase the value of your home, usually on the average of 25 percent, and your homeowners' policy will need to be adjusted to cover that new value. With the continuing increased cost of building materials, you should consider insuring your home for replacement value instead of market value.
But you also need to check with your agent regarding updates to your plumbing, heating, roof, electric or security systems because you may qualify for discounts on your policy.
For assistance in assessing your insurance coverage and any potential liability involving home improvement or repair projects, be sure to contact your J.P. Perry agent.