Remodeling your home can be a sound investment. Generally speaking, most renovations and major upgrades will increase the overall value of the property. To protect your investment both during construction and after it’s completed, though, you may need to purchase additional home insurance. Here's what all property owners should know about covering remodels. 

Before Remodeling 

Review your existing home insurance policy before starting any work to ensure it will be adequate during the construction process. For example, do you have sufficient liability coverage if someone were to get hurt on the premises? Construction zones tend to be chaotic and visitors may be vulnerable to slipping, tripping, or falling. Also, make sure to hire a contractor that’s licensed, bonded, and insured. Confirm that all their workers are covered if someone gets hurt on the job. And if they plan on using subcontractors, confirm that all such individuals have their own liability insurance, too.

For added protection, you may want to purchase a builder’s risk policy, as well. Sometimes called a course of construction policy, this coverage will apply if the property gets damaged during the renovations.

After Remodeling 

Photograph your home before starting the renovations and then again once each project is complete. Such images will provide the insurer with a visual record of all the work that was performed so you can see if you are able to increase the coverage on your home. You should also save all relevant records, receipts, and invoices. Such documents will make it considerably easier to quantify the extent of the remodel. It will allow you to ensure any additional coverage you purchase will be enough to repair or replace the updated structure in the event of a covered loss.  

By following these suggestions, you may be able to avoid damages that could result in a large insurance claim. For more information on protecting your property, get in touch with the team at Farmers Mutual of Tennessee. Since 1913, they have provided quality home insurance coverage at an affordable price to residents throughout the state of Tennessee. Their local independent agent will be happy to help you find the right coverage for your home, mobile home, rental dwelling, or farm at a price that suits your budget. Give Farmers Mutual of Tennessee a call today at (800) 824-9555, and visit them online for more information.