Renovating Your Rental Property – What You Should Know About Your Insurance

Whether you’re adding a new room, finishing a basement or expanding a deck on your rental property, be sure to speak with your insurance company to determine if you need to adjust your policy. Here are 3 reasons why –

Reason 1: When you make additions or improvements to your rental home, you increase its value. So if something happens during renovation or after you’ve completed the work, you may be covered for a higher amount.

Reason 2: In the event you or someone else is injured while performing renovations, you may have protection for your financial assets.

Reason 3: If your rental property is vacant or unoccupied while under renovation, insurance coverage may be restricted or unavailable.

Have a rental property that you are renovating?  Purchasing a rental property?  Give us a call to discuss your insurance coverage.

These tips have been brought to you by our friends at Foremost Insurance Group.

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