When it comes time for a home renovation project, think beyond installing granite countertops or knocking down walls. Think about renovating your home insurance to protect your investment.
Contact the appraisers at www.scappraisals.com to determine fair market value. Insurance value is calculated different than market value and the tax accessor does not recognize insurance value.
The insurance industry suggests reviewing your coverage with your agent annually, a recommendation roundly ignored by many homeowners. Keeping your agent informed especially makes sense if you’re planning a makeover, simply because there’s no magic formula to determine how much a project might affect your premium.
Ed Charlebois, vice president of personal insurance for Travelers Insurance, recommends talking to your agent if you’re adding to the value of your home by 5 percent or more. Explain what work you’re planning and get an estimate of how it will affect your premium.
Increase your insurance coverage before the work begins in case there is loss or damage. While you’re at it, make sure the contractor and subcontractors are insured for liability and workers compensation.
Green Real Estate Appraiser 