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Before a remodeling project takes place in your condo, seek condo insurance upgrades. Upgrades will protect the investments you make during the remodeling process.
Condo Insurance
Any common areas that you and neighboring condo owners share are likely covered by your HOA (homeowners association). If renovations to the common areas are scheduled to be made, you would not be liable for obtaining additional coverage.
When renovations are going to be made inside the dwelling that you own and live in, it is your responsibility to ensure that you have the necessary insurance coverage.
Dwelling Coverage
Completing a condo renovation will increase the value of your home. For this reason, you should seek an increase in the dwelling coverage that your condo insurance policy provides. If materials or possessions are damaged after the remodeling project is complete, the dwelling coverage will pay for the necessary repairs.
Liability Coverage
During the remodeling phase, you will likely have an active crew working in your condo frequently. It is important to seek liability coverage to protect against lawsuits.
If you hire a contractor, they will be responsible for having adequate coverage. If you are going to have friends or family help you complete the remodeling project, it will be your responsibility to purchase liability coverage. This type of coverage will pay for unexpected damage or injuries that occur during the remodeling project.
Contact Our Team!
Don’t begin remodeling your condo without seeking insurance coverage first. Contact one of our agents who serve Austin, TX. An agent who represents The Policy Source will review your remodeling plans. Then, they will recommend insurance products that will protect your interests during the remodeling process.