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Plumbing Renovations: What You Should Tell Your Insurance

Posted on February 17th, 2017 by

Planning a plumbing renovation can be both exciting and daunting. In addition to choosing the right contractor and materials, you also have to make sure your budget is in line with your project goals and design vision. More importantly, you have to notify your insurance company of the planned changes long before any work begins. The staff at Unique Flooring Vista discusses several things to tell your insurer when planning a plumbing renovation project.

The Name and Licensing Information of Your Chosen Contractor

Nearly every homeowner knows there is nothing worse than hiring an unlicensed and uninsured contractor to complete a plumbing renovation. If you’ve never planned a major home renovation before, you might not know which coverage types, terms, and limits to look for. By discussing your hiring decision with your insurance company, you can learn more about the coverage requirements for these professionals. This way, you’ll never inadvertently violate the terms of your own coverage by hiring a company that’s grossly underinsured.

Estimated Increases in Property Values

Plumbing renovations can have a significant impact on both the value and the overall marketability of your home. These projects are among some of the best forms of sweat equity to invest in. However, whenever the building structure becomes more valuable, the coverage limits for your home insurance will need to increase as well. Discussing how your project will impact the assessed value of your home will give you a better understanding of your future coverage needs and the related changes in your home insurance premiums.

Possible Risk

Significant changes in bathroom layouts and indoor water features will likely have an impact on your home insurance premiums due to changes in your overall risk profile. Certain changes can even render your property uninsurable. Before having a traditional bathroom converted into a wet room or having a walk-in bathtub installed, you need to make sure these changes will float well with your insurance provider.

 

In fact, certain high-risk additions can have a negative impact on your ability to both bind and maintain coverage with almost any insurer. However, this does not mean you have to bring your renovation plans to a grinding halt. Your insurer may be able to recommend strategies for mitigating new risks so you remain qualified for home insurance. For example, your willingness to invest in advanced leak prevention could make your design goals approval-worthy.

The Timeline for Your Project

Your insurance company should know when your plumbing renovations are expected to start and when the project will be complete. After any high-value fixtures have been installed or after any dramatic changes in your property value have occurred, your policy will need to be immediately updated to reflect these things. Talking with your insurer early on gives you the best opportunity to prepare for significant increases in your home insurance premiums.

If your plumbing renovation also requires the installation of new flooring, get in touch with Unique Flooring today. We offer a wide selection of wood, tile, laminate, and vinyl flooring. Vista homeowners trust in the quality of our products and the reliability of our installation services. Call 760-945-0010 today for a free quote.

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