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New room additions, finishing a basement or an attic, adding a bathroom, and other renovation projects improve a home and increase its value. When considering a renovation project it is also important to talk with your agent at E.S.T.I.R. Inc. serving Newark, NJ and the surrounding areas. You will want to upgrade home insurance coverage to include the construction costs of the renovations to make sure you have adequate coverage.
Covering the Cost of Renovations
Consulting with your agent while making plans for the renovations is a good idea because it is better to have coverage in place before the work is underway, just to make sure there is adequate protection during the entire process. Your agent can give you sound advice on the coverage needed and you can work with the construction estimates until the project is completed and all the final costs are in.
If you do not already have replacement cost coverage for your home, an insurance review along with a renovation project is a good time to consider it and to upgrade home insurance. Older homes may be under-insured simply due to the rising costs of construction and home repairs.
Many Homes Are Uninsured
Not having adequate home insurance is a common problem in the United States. A recent study by the research firm CoreLogic found that 60% of American homes have insurance that is an average of 20% less than replacement value. Many homeowners are not even aware of this problem and only learn about this fact after a catastrophe occurs. This is why it is very beneficial to be proactive about getting adequate home insurance and a renovation project is an especially good time to take care of this.
It is very wise to make sure your insurance needs are not neglected and your coverage is adequate. Contact your agent at E.S.T.I.R. Inc. in Newark, NJ to have a comprehensive home insurance review and get a quote for any needed upgrade to cover the costs of a renovation project.