Many homeowners are gearing up for home renovation projects to enhance their living spaces as soon as the weather warms up. Whether it's a kitchen remodel, a new deck, or landscaping upgrades, these improvements can add value and enjoyment to your home. However, it's essential to consider how these changes may impact your insurance coverage.
Key Points to Consider for Home Insurance and Renovations:
Increased Dwelling Coverage
Renovations often add value to your home. This is great news, but it also means your current dwelling coverage might need to be adjusted to reflect the increased value of your property.
Contact Choices Insurance to discuss an update to your coverage limits to ensure you're adequately protected in case of a covered loss.
Project Scope and Insurance Coverage
Minor Renovations: Painting, updating fixtures, or replacing flooring typically wouldn't require notifying your insurance company. However, always double-check your policy for specifics.
Major Renovations: If your renovation involves structural changes, extensive electrical work, or plumbing modifications, informing your insurance company is crucial. Depending on the project, additional coverage like builder's risk insurance might be needed to protect the materials and the structure itself during construction.
The Liability Factor
DIY Projects: If you're a DIY enthusiast, ensure your current liability coverage is sufficient in case someone gets injured during the renovation process. This could extend to accidents involving hired help as well.
Contractors and Permits: When hiring a contractor, verify they carry general liability and worker's compensation insurance. Always obtain the necessary permits for your project, as lack of permits can impact your insurance coverage in case of an issue.
Remember! Some home improvements may actually lead to insurance discounts. Upgrading your roof to fire-resistant materials, installing a security system, or implementing water leak detection technology can demonstrate proactive risk mitigation and potentially earn you lower premiums.
We want your home renovation project to be a success story, not an insurance nightmare. Contact us today for a personalized consultation!
Insurance Regulations and Updates in Oregon
Oregon bill that protects insured homeowners at risk of wildfire
🔥 Senate Bill (SB) 82: This bill,designed to strengthen consumer safeguards for homeowners grappling with wildfire-related challenges, mandates insurance companies to provide detailed explanations for policy non-renewals or rate increases, utilizing property-specific characteristics. Additionally, insurers must now integrate wildfire risk mitigation efforts, such as creating defensible space and home hardening, into their rating and underwriting plans. SB 82 also extends the timeframe for homeowners to repair, rebuild, or replace fire-damaged property covered under the Emergency Conflagration Act to 36 months. Crucially, the bill prohibits insurers from solely relying on statewide wildfire risk maps for policy cancellations, renewal declines, or premium increases.
🔍 House Bill (HB) 2982: This legislation introduces a notable change in homeowner insurance practices, requiring insurers to offer 70 percent of property contents coverage without mandating policyholders to submit an inventory in cases of total loss due to declared disasters. HB 2982 streamlines the claims process, providing homeowners with easier access to essential coverage during challenging times, without the burden of extensive paperwork requirements.
These legislative updates signify Oregon's commitment to ensuring homeowners have adequate protection and streamlined processes when navigating insurance claims, especially in the face of natural disasters.
Stay informed with Choices Insurance Agency as we continue to monitor and adapt to these regulatory changes, always prioritizing your peace of mind and security.