Managing Home Renovation Risks for HNW Homeowners

Managing Home Renovation Risks

When you choose to revamp and upgrade your home with renovations, there are a variety of planning measures that must be considered. Of course the design elements are important to plan, but the insurance implications of your home renovations are an extremely important consideration. Far too many homeowners fail to inform their insurance carrier of the upgrades, and find out that they are lacking coverage when they need it most.

As a homeowner, your insurance needs are exclusive and one mistake in the home renovation process can prove to be both costly and damaging. We want your home renovations to be completed without the stress of an issue arising, which is why we have gathered these important tips for getting the right contractor to do the job:

  • Do not just pick the first contractor your meet. We recommend asking your neighbors and friends to refer contractors they had pleasant and successful experiences with, to ensure the job is done to your liking.
  • Did you know that you could check the work history of a specific contractor using the Better Business Bureau and other state licensing agencies? This will tell you how long they have been in business and even provide you with a detailed list of their complaint track record.
  • Prior to the start of any renovation work the Contractor and Sub Contractor should provide you with a current Certificate of Insurance naming you as an Additional Insured.  The Certificate of Insurance outlines and validates insurance coverages held by the Contractor and Sub Contractor.
  • Make sure to get background checks on the contractor, subcontractors, and every member of the crew that will be working on your project. This will allow you to make an informed decision on whether or not you trust these individuals working on your dream home.
  • It is always a good idea to have your lawyer and insurance agent review the terms of your contract before you finalize any decisions. You need to know what you are liable for in order to remain in the know throughout the process.

Contact Hoffman Brown Company in Sherman Oaks for all of your California homeowners’ insurance needs. As a high net worth homeowner, you deserve a unique level of protection. Our knowledgeable team of professionals is experienced in insuring the unique risks of high net worth homeowners, and will provide you with the same level of protection all of our happy customers have been receiving for all these years.