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Remodeling? Renovate your insurance



 

Remodeling? Renovate your insurance

Remodeling? Renovate your insurance
News from Chicago Tribune:

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.

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.

The most popular renovation projects are redoing the kitchen or bath. Though these jobs can run into the thousands of dollars, they often offer high rates of returns on the investment.

Installing a fire alarm system can save on an insurance premium through discounts, said Charlebois.

Another safety-related project that could save money is replacing an…………… continues on Chicago Tribune

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Related News:

Details Required Before Work Restarts on Hangover House
News from Laguna Beach Independent:

The hilltop vantage point of the historic Halliburton House in South Laguna.

Trying to find the balance between a homeowner’s prerogative and historic preservation, the City Council in a special meeting Wednesday voted 3-2 to ultimately lift a controversial stop-work order imposed the week before on the iconic Halliburton House in South Laguna.  On one condition.

Remodeling work will recommence on the famed Hangover House, once home to adventurer and author Richard Halliburton, when the new owner presents more detail on plans to change the house, particularly on changes that have already been made. City building officials found that plans submitted by new owner Mark Fudge didn’t cover some of the specifics of what has already been demolished under an approved city permit.

“We agree that more detail is needed before the stop work-order could be lifted so that there is no question what is and what is not to be done,” said City Manager John Pietig.

The plans omitted detail about demolishing interior walls, said Community Development Director John Montgomery.  “They did not indicate which interior walls, specifically for the bedroom closets and the bathrooms,…………… continues on Laguna Beach Independent

… Read the full article


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