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Home renovations can be a time-consuming and complicated process. There is a saying in renovations: It always takes twice as long and costs twice as much as initially quoted by the contractor. This could be due to changing the scope of your renovation during the process, uncovering unforeseen issues behind the walls like structural damage or electrical wiring that isn’t up to code or perhaps your contractor inadequately estimating the project timeline and costs upfront.

These tips can help you protect your investment and feel more secure during the renovation process:

Risk Solutions Series: Home Renovation

 

 

Brought to you by Nationwide Private Client.  Contact us for more details.

Most of us approach home renovations with an eye for design and modern features without considering how we can ensure the best outcome and stay safe.  Learn how your insurance coverage could be impacted by home improvements and renovations, what you should report to your agent and how Nationwide Private Client can respond.

CoverageCorner: HomeRenovation

 

 

Brought to you by Nationwide Private Client.  Contact us for more details.

You and your family probably spend a considerable amount of time in your home, playing in the backyard and driving to school or work in your car. Your house and automobile are two of the most valuable purchases you’ve made, and it makes sense that you want to protect your home and automobile with insurance coverage.

Download the attached PDF to learn more.

A standard homeowners insurance policy insures the home itself and the things you keep in it. It is typically a package policy, which means it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people.

Download the attached PDF to look at each aspect of coverage in more detail.

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You may have little or no time to protect your valuables in a flood, earthquake or other disaster. By taking simple steps now, you can safeguard your treasured belongings and information from damage or loss.

The first step is to identify what you have.

Go through your home to find your treasures. Download the checklist to begin taking stock of your valuables.

We thank you for your business and appreciate your feedback. Please take a moment to Review Us.

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The limited coverage provided in your homeowners policy may not be sufficient to cover your valuables in the event of a loss. Adding an endorsement or floater policy to the coverage you have ensures that you’ll be reimbursed for these items. Download the attached PDF or contact Preferred Insurance Services, Inc. today to find out more.

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The limited coverage provided in your homeowners policy may not be sufficient to cover your valuables in the event of a loss. Adding an endorsement or floater policy to the coverage you have ensures that you’ll be reimbursed for these items. Download the attached PDF or contact Preferred Insurance Services, Inc. today to find out more.

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What Protection Does it Offer?

A standard homeowners insurance policy insures the home itself and the things you keep in it. It is typically a package policy, which means it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. Download the attached Homeowners Insurance Flyer to look at each aspect of coverage in more detail.

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If you are looking to insure a vacation or second home, your insurance needs are unique. Preferred Insurance Services, Inc. can help!

If you’re investing in a second home, we’ve attached some insurance basics that will help you make the best buying decision when it comes to determining insurability and estimating your ongoing cost of ownership.

Insuring a Second Home 

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Helping You Build Security
When undertaking a remodeling project, people often forget to review their insurance needs, too. Whether your addition budget is large or small, you are adding both the value of your home and your exposure to risk. To ensure that your project goes smoothly and that you have the coverage you need, here’s what you need to know.

Working with General Contractors
The best way to minimize your renovation risk is to hire a reputable general contractor for the job. As part of the biding process, ask the general contractor to provide a Certificate of Insurance and/or copies of the policies. Specifically, check for coverage for the following:
Workers’ Compensation: Verify that he/she has workers’ compensation coverage in the event that an employee or subcontractor gets hurt on the job.

Workers’ Compensation: Verify that he/she has workers’ compensation coverage in the event that an employee or subcontractor gets hurt on the job.
General Liability: Ask if the contractor has liability insurance, which covers losses due to negligence and errors or omission, which results in property damage. Also ask that you are added as an “Additional Insured.”

Builders Risk: This policy is designed to cover damage to your home and materials, including those not installed yet. We can help you verify whether you should require this from your contractor, based on your renovation project. If they don’t carry the proper coverage, they are not the right contractor for the job!

Advice for Do-it-Yourselfers
If you decide to do it alone and manage a renovation yourself, you assume all the risks. A review of your homeowners coverage for liability and property is prudent, as you are assuming more risks and exposures than contemplated by homeowners insurance.

Hiring bona fide subcontractors who can provide you with a Certificate of Insurance or copies of their policies showing their general liability and workers’ compensation coverage is mandatory for your legal protection. Otherwise, if you are hiring subcontractors or paying friends to do the work, you could be subject to workers’ compensation laws, should they become injured while working on your home. If a friend or relative helps out as a favor (no money changes hands) and gets injured, your homeowners insurance typically covers the cost of their injuries, up to your policy limits. It’s important to note that a homeowners policy is not designed to provide primary liability protection for these injuries. If a helper is seriously injured, the domino effect can be financially and emotionally difficult for all who are involved. For an extra layer of protection, it’s a good idea to also carry umbrella liability coverage, which kicks in to provide liability coverage above your homeowners limits.

Your Insurance Partner
Adding to your home is exciting, but poses financial risks. Contact Preferred Insurance Services, Inc. at (703) 359-5910 to learn more about all of our home, auto and life personal risk management solutions.

Top Ways to Save on Your Premium:

  • Consider raising your deductible
  • Invest in a home security system
  • Update exterior locks to dead bolts
  • Install smoke alarms
  • Select an automatic payment method
  • Monitor your credit rating
  • Ask about our multi-policy discounts

Insuring the Real Value of Your Home
Experts estimate that one-fourth of remodeling projects add at least 25 percent to the value of a home, yet often most homeowners forget to increase their coverage to protect their investment. Most homeowners insurance policies require 100 percent of the home’s replacement cost, so it’s important to raise your home’s policy limit before your project begins.

Keep in mind that you don’t need to increase your coverage by the same amount as the cost of renovation. Often, a major cost factor in a home improvement project is labor for tearing out something old. Determining this new replacement can be somewhat complex, so contact us for assistance. We have the latest technology available to assist with this process.