Does your insurance need updating as well as your kitchen?
Posted by Sinks on 27th Jun 2017
When it comes to a kitchen remodel, few home owners think about renovating their home insurance at the same time to protect their investment. The majority of householders ignore advice from insurance experts to check their coverage annually. If you use an insurance agent, it is important to keep them informed when you remodel your kitchen as your project might affect your premium. Vice president of personal insurance for Travelers Insurance Ed Charlebois recommends consulting your agent if you are improving the value of your home by 5 percent or more. Not only must you explain what work you carrying out and get an estimate if it is likely to affect your premium but it is also a good idea to increase your insurance coverage before the work begins in case your suffer any loss or damage. Installing a fire alarm can also help to reduce your insurance premium and, while you are at it, ensure that the contractor you are using is insured for liability and workers compensation. Charlebois also recommends taking a complete inventory of the items in your home, including the equipment in your new kitchen. This record will be vital in the event of a claim. Keep an inventory, and keep it off sight in case you suffer a total loss, said Charlebois. That makes life much easier going forward.