Insurance Coverage For Home Renovations

Thursday, March 1, 2001

Insurance Coverage For Home Renovations (NAPSA)—According to the Independent Insurance Agents of America (IIAA), one in four home HOME OWNERS remodeling projects increases the value of a home by as much as 25 TNSURANCE found that three out of four homeowners don’t update their policies when making structural changes to their homes. Whether it’s architecturally designed floor plans for an expanded family room with an inset entertainment center or the cocktail napkin sketch for the do-ityourself swimming pool and deck, it’s a good idea to meet with your insurance agent before the construction begins. “Unfortunately, if your homeowner’s policy has not been updated to reflect new construction, more than likely you will be underinsured in the event of a loss,” says Daniel H. Olmsted, senior vice president, Personal improvementproject, it’s a good percent. In addition, the IIAA Insurance Division, Atlantic Mutual Companies. “Simple pre- ventative measures, such as meet- ing with an agent on a regular basis, can help ensure that homeownersare properly insured.” When negotiating with a home remodeling/renovation firm or independent contractor, ask for a valid contractor’s license and proofof liability and workers’ compensation insurance. “While not all states require licensing, any reputable contractor or firm will readily provide a license and certificate of insurance. Securing these documents will save time and money in the event of an unforeseen disaster,” adds Olmsted. As homeowners plan for reno- vations, Atlantic Mutualoffers the following checklist: Speak with your insurance agent both prior to and following any remodeling in order to evaluate your coverage needs. * Before construction begins, check with your local municipality for specific building codes and, if applicable, obtain a builder’s permit. If using a contractor, require that he/she have at least five Before beginning any home idea to review your insurance coverage needs. years experience, provide proof of insurance and are licensed. If you will be exposing your home to the elements during construction, be sure to include a place for theft and weather damage liability in your homeowner’s policy. * Be wary of signing for any deliveries unless you have personally paid for them or are willing to accept responsibility for their payment. The Atlantic Mutual Companies offer a range of commercial, personal, marine and surety products through independent insurance agents and brokers. The Group’s operations are conducted through the Atlantic Mutual Insurance Company, the lead company, and the Centennial Insurance Company, the Atlantic Specialty Insurance Company, the Atlantic Lloyd’s Insurance Company of Texas, Atlantic Mutual of Bermuda Limited and Atlantic Risk Services, Inc. The Atlantic Mutual Insurance Company, formed in 1842, is a mutual insurance company owned by its policyholders and has no capital stock and no shareholders. With 2000 gross premiums written of $909.5 million, the Atlantic Mutual Companies rank among the top U.S. property-casualty insurance groups. Additional information about the Atlantic Mutual Companies can be found on the Internet at www.atlanticmutual.com.

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