After a home renovation is complete, no matter how big or small, there are still risks that homeowners must consider. Once the materials are packed up, the home and grounds are back in order, and the workers have left, there are a few things left to do.
There are three final steps homeowners need to take once a home renovation is complete, to minimize risk and protect homeowners and their homes.
HOME INSPECTION
An inspection of the home and work completed should be considered after the renovations are complete. At the very least a thermographic inspection of the home should be scheduled to look for post-construction defects. Scheduling this immediately after work is completed will find issues that can be corrected before they become larger problems for homeowners.
SECURITY SYSTEMS
Homeowners should work with the contractor and any outside vendor to make sure all temporary fire, burglar, and perimeter lighting systems have been shut down. One centralized security system should be in place. For homeowners who had no previous system, the additional value that a large home renovation can add makes this a good time to consider the use of a security system.
If any security codes were shared with the contractor or any subcontractors, these must be reset. It is in the best interest of a homeowner to set brand new codes once the job is complete to ensure that only the homeowner and residents are able to access the system.
INSURANCE COVERAGE
Home insurance coverage will need to change once renovations are complete to factor in the added value of the home. The agent may come to the property or send a separate expert out to inspect the completed renovations. Homeowners will be provided with a customized estimate for coverage, which is typically full-replacement coverage. New furnishings, artwork, and other valuables that are often added after a renovation will also be factored into the estimate for coverage.
Some mass market insurers do not typically take this step and often only offer replacement value at 25 percent over market value. Homeowners will need to make sure they understand what kind of insurer they work with and what their agent is able to offer. Homeowners may need to consider the use of high net worth (HNW) market carriers for their insurance coverage, especially after a major renovation.
Being mindful of risks before construction and during the home renovation process will help ensure the job is completed with safety in mind and to the best of everyone’s abilities. Minimizing risk after construction is complete will make sure homeowners have peace of mind and are completely covered in case of a disaster or accident.