With spring approaching, many homeowners are looking to begin home renovation projects. But regardless of whether you’re starting a small kitchen upgrade or looking to add a new wing, home renovations are not without risk. In fact, rarely do homeowners face such a diverse set of property and financial risks as they do during home renovations.
How can homeowners protect themselves and their property? Before hiring a general contract, visit their previous worksites and ask that homeowner if there were any issues. Further, have an insurance agent review the contractor’s general liability and worker’s compensation policy to ensure they have adequate protection in the event of an accident. At the same time, to prevent out-of-pocket expenses, talk with your insurance agent about the expected increase in your home’s replacement cost before construction begins.
To learn more about how to safeguard your home during a renovation project, including how to reduce the risk of fire and theft, visit: http://www.thinkadvisor.com/2015/03/05/managing-the-risks-while-renovating-the-