Before you begin a roofing improvement project, it never hurts to consult with your insurance provider. It depends on the project, but your insurance policy may not cover what you need. Find out what you need to know about your insurance to make sure the project goes smoothly.
Look at your policy again
Start by taking 15 minutes to call your insurance agent. Describe the roofing project in detail and the changes it may make to your home. Your insurance agent will let you know whether your policy will cover the roofing project, and if not, how much additional coverage you might need.
While increasing the cost of your insurance may not be good news, it may save the day in case any catastrophic damage occurs doing the roofing project.
The insurance agent may recommend extending your liability coverage. Most homeowner policies provide a basic $100,000 in liability and $25,000 in property damage. If this isn’t enough coverage, you can purchase an umbrella policy to offset the difference. A roofing project is a great time to reevaluate your homeowner’s coverage. The project will increase the home’s value, so be sure to up your coverage amount.
Depending on your specific policy, it may not even be necessary. If it is, it will increase your premium, which is a small price to pay to protect your home.
Double-check your contractor’s coverage
We can't stress enough the importance of checking your contractor’s references, licenses, and insurance.
Before you sign any contract for the project, ask for written proof of their worker’s compensation policy. If they don’t have worker’s compensation, you open yourself up to extremely costly medical bills and litigation if they (or a subcontractor) are injured on the project.
The roofing contractor should also have liability insurance of their own. Ensuring so will protect you in case any damage unrelated to the roofing project occurs in your home. A competent roofing contractor should have both liability insurance and worker’s compensation. If they don’t, you can add these coverages to your homeowner's insurance.