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Home > Blog > Will Home Insurance Cover Restoration Projects?
WEDNESDAY, JANUARY 27, 2021

Will Home Insurance Cover Restoration Projects?

You buy homeowners insurance because you want financial support in case of an unexpected or unpreventable problem at home. If can help you if a tree falls on the house during a storm, or if a faulty appliance or frayed wiring sets the house on fire.a person wearing a costume 

If you are planning to make significant repairs, restorations or renovations to your home, then you have to account for the fact that your home insurance needs are about to change. The nature of the changes, and the cause of the repairs are a deciding factor in whether your home insurance will cover the project. Let’s take a closer look. 

Emergency Restorations 

Your homeowners insurance is designed to help you cover emergency restorations. These are not cosmetic changes, but repairs that you have to make if you want to continue to reside in your home. As a result, your homeowners insurance is likely to pay for the repairs.  

Generally, this coverage will only pay based on the home’s replacement cost value. This is not the amount of money that you paid for the home, nor is it money that is meant to be used to make significant upgrades to a structure. Rather, it is the money necessary to build the home back to the way it was at the moment a problem started. 

Restoring a Home by Choice 

If you are planning to buy and renovate an older home, then your homeowners insurance will not cover these costs. This is a home upgrade that you have made a choice to undergo. Therefore, it is both predictable and anticipated. As a result, your homeowners insurance won’t cover the costs of construction. However, your policy will often include a builder’s risk clause, which can cover property damage to a renovation in progress if that damage was unintended. 

Updating Your Home Insurance After The Work Is Done 

Following any type of restoration or renovation, your home’s value will increase, which means that you will need to make sure your home insurance continues to cover it at an accurate value.   

At times, home upgrades will even make the home worth more than the value you invested in the property. Therefore, you might realistically need a higher level of dwelling insurance should you want to make a large claim on your policy in the future. Your insurance agent is the one who can help you upgrade your coverage once the renovation is done, and they are experts in helping you pick the appropriate new limit for your dwelling coverage. 
Posted 7:27 PM

Tags: homeowners, policy, coverage, insurance, restorative, projects
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