Home remodeling time: 9 things to know about insurance coverage
As the weather improves, many homeowners start planning major remodeling or renovation projects. According to Statistic Brain, in the next two years 26% of homeowners plan a bathroom renovation or addition and 22% plan a kitchen renovation or addition.
I’ve been through five major remodeling projects, including rebuilding after Hurricane Sandy, and I’m planning a full kitchen remodel next year. I’ve learned a lot about the insurance coverage issues for the homeowner, the contractor and the subcontractors, and I’m sharing what I’ve learned.
Some people (like me) hire a general contractor to manage the renovation process while others prefer to manage the project themselves. Some homeowners are willing to be do-it-yourselfers and actually do some tasks while hiring licensed subcontractors for plumbing and electrical work.
However you choose to remodel, keep this in mind: The homeowner, the general contractor and the subcontractors—plumbers and electricians, for example—all need insurance coverage.