FS Private Advisors

856-229-9410

Insurance Read Time: 2 min

The Most Overlooked Item of Any Home Improvement

If you are like most homeowners, you love selecting the fixtures, fabrics, and paint colors of your home improvement project. But there is one very important item that you may overlook—making certain you are properly insured.

Why Proper Insurance Matters

You may need to review your insurance before beginning any home improvement project since it can expose you to additional financial risks.

If you choose to act as your own general contractor (in other words, you organize and order supplies while hiring sub-contractors to do the work), you may be opening up yourself to additional liability (such as an injury to a worker or third party) that may not be fully covered by your current homeowners insurance policy.¹

Whether it’s an extra room or an updated bathroom, many home improvement projects will increase the value of your home. However, too many homeowners fail to review the policy’s replacement value limits, which may no longer be high enough to cover any losses that occur after your home improvement.

Obtaining additional coverage shouldn’t wait until you’ve completed the remodeling. After all, at any point in the process, you will have supplies and completed work that may not be covered under your existing policy.

To ensure that you are properly covered, meet with your insurance agent about your projects and discuss with them any need for modifying your current insurance coverage.

1. The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

Wedding Budget Calculator

Wedding Budget Calculator

Estimate total wedding costs and see how different choices affect your overall budget.

Your Changing Definition of Risk in Retirement

Your Changing Definition of Risk in Retirement

A change in your mindset during retirement may drive changes to your portfolio.

How Stocks Work

How Stocks Work

Understanding how a stock works is key to understanding your investments.

 

Have A Question About This Topic?







Thank you! Oops!

Understanding Extended Care

Understanding the types of extended care services—and what those services could cost—may be critical.

Budget Check Up: Tax Time Is the Right Time

Tax preparation may be the perfect time to give the household budget a check-up.

The Lowdown on Those Free Credit Scores

What’s the deal with your yearly free credit report?

View all articles

Social Security Tax Estimator

Estimate how much of your Social Security benefit may be subject to federal income tax.

How Compound Interest Works

Explore how compound interest can grow your money over time with this interactive tool.

Federal Capital Gains Tax Estimator

Estimate your potential federal capital gains tax liability on the sale of an asset.

View all calculators

Safeguard Your Digital Estate

If you died, what would happen to your email archives, social profiles and online accounts?

How to Bake a Pie-R-A

Roth IRAs are tax-advantaged differently from traditional IRAs. Do you know how?

The Cycle of Investing

Understanding the cycle of investing may help you avoid easy pitfalls.

View all videos