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How to protect your home renovation

Before Construction

The general contractor you select is the most important decision in the renovation process.   Check with Better Business Bureau and ask for references and perform professional background screening.   Find a contractor who has a good reputation so you do not get scammed.     Always ask the contractor for a copy of their insurance before the contract is signed.   You want to ask for their liability and workers compensation insurance policies.  If they cause an accident you can seek recovery on their liability policy or if one of their employees gets hurt or even worse dies on your property the workers compensation will be primary coverage leaving you protected against lawsuits.  For your property, you may want to ask your insurance agent about builders risk coverage to cover the renovation or new square footage.  Be sure to have a lawyer review your renovation contract so your interests are protected.

During Construction

"During the home remodeling, assuring worksite safety for the family, crew and home is the key consideration. In situations where family members continue to live at the residence during construction, the risk of theft and other crimes is present, so families should store their valuables and restrict conversations with the construction team to the general contractor and project superintendent. Ensure that all flammable liquids and rags are stored in approved facilities at a safe distance from the premises, strategically place ABC-rated fire extinguishers throughout the home, activate the sprinkler system at all times and protect the home’s contents from the elements by wrapping the home’s exterior at the end of each day."

After Construction

"After a major renovation is completed, the risk of not having appropriate or enough insurance coverage to address improvements to the home and new contents exists. The homeowner should notify the insurance agent to appropriately adjust the amount of homeowners insurance coverage, which is not as simple as adding the cost of the project to the previous amount of coverage for the home."

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