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Home Renovations And Renovation Insurance Coverage


If you are considering major renovations to your home, you should be aware of potential exclusions on your homeowners insurance policy.

Typically, a major renovation is defined as a project that is budgeted at 10% of the home’s replacement value or $500,000, whichever is less. Some homeowners policies consider occupancy as a major factor in offering coverage during construction: will the owner be inhabiting the space during construction, or will the home be unoccupied during renovations?

Typically, there are two options to consider: renovation insurance, which can be added on to the current homeowners policy, or builders risk insurance, which can be purchased as a stand-alone policy.

Another item to consider once renovations are completed is the total value of your home. The property section of your homeowners policy has a maximum pay­out value (limit), and that limit will continue as is on the policy unless you change it. So let your agent know right away of any substantial upgrades to your home.

Allan Block Insurance, Professional Service with the Personal Touch

We are located in Tarrytown, NY, in the heart of Westchester County, a key business district just north of New York City. We write auto, home, renters, condo, co-op, personal, business, life and group insurance for clients locally and in NYC, CT, NJ, PA, MA and many other states. For more information or answers to your insurance questions, please contact us.

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