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What to Tell Your Insurance Company About Electrical Renovations

Posted on September 8th, 2017 by

Certain home upgrades require significant revisions to existing home insurance plans. Moreover, if you’re currently planning property improvements, you should know the terms and conditions of your home insurance contract could require you to contact your insurer first. Failure to do so could result in significant problems, and some homeowners even have their policies voided due to noncompliance. The Carlsbad floor installation experts at Unique Flooring share a few important things to tell your insurance company before having electrical renovations performed.

Adding Attractive Nuisances

Swimming pools and hot tubs are classified as attractive nuisances by most insurance companies. These are property features that are so appealing they may entice others to enter the property unbeknownst to the homeowner. However, there are several electrical upgrades insurance companies might deem as being equally enticing. Whenever attractive nuisances are added, a homeowner’s risk profile invariably increases. Moreover, this person’s costs of coverage rise as well. This is a special point to consider if you intend to implement a major and very intricate outdoor lighting plan.

Doing the Work on Your Own

Although it’s rarely recommended that homeowners complete their electrical renovations by themselves, there are several small-sized jobs you might be able to tackle on your own and without ignoring local building codes and requirements. When you do take on a do-it-yourself electrical project, you’ll probably need to have the right “no-fault” coverage in place. Without this type of coverage, you, your lender, and your insurer all have a lot to potentially lose. Telling your insurance company about your intentions in advance of starting the project allows them to tell you whether doing so will void your current plan and assist you in finding the right type and amount of no-fault coverage for your needs.

Making High-Value Upgrades

All homeowners should know that property renovations of any type will likely have an impact on their coverage needs. Whenever you add value to your property, you’ll need to increase the limits of your existing home insurance policy in relation to this new value. Talking with your insurer ahead of renovating allows you to get these important details ironed out early on.

Hiring Electrical Contractors to Complete the Work

Although you don’t need to contact your insurance company every time you hire an electrician, you probably should reach out whenever you hire professionals to implement significant changes to your property. Your insurer may want to verify the hired party is properly licensed and insured. Moreover, the magnitude of the intended changes could necessitate additional coverage. For instance, with massive projects, special “builder’s risk” or “course of construction” policies are often required as a means for mitigating the risk of work-related damages.

Most electrical projects require the help of a professional. The same goes for flooring installation. If you need hardwood for the bedroom, carpet for the living room, or tile for bathroom floors, Carlsbad residents can rely on Unique Flooring to provide the highest quality flooring materials available, as well as affordable installation services. Give us a call at 760-945-0010 or stop by our showroom today for a free quote.

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