Due to increased home values, and higher interest rates, many homeowners are electing to renovate their existing home vs purchase a new one.  Does your Homeowner Insurance policy cover the new Renovations??   The answer in many cases is no.   Since all Homeowner policies are not the same you need to contact your Agent and discuss the possible renovations to make sure you are properly covered.

General guidance:  If you are taking out a home improvement loan or doing a major renovation you need to contact your insurance agent and discuss the need for a Renovation Builders Risk policy.  Your Homeowner policy will cover the existing home, but the renovation policy can cover the new addition, materials, and improvements.  Most of these policies are affordable and are based on the finished renovation cost.

It's important to have a clear understanding with your insurance agent so he or she can assess what is needed to avoid any gap in coverage.