Your Insurance Agent and Your Renovation Project
Insurance agents are a special breed. They’re there to help you navigate the murky waters of the big insurance ocean. They will not only make sure that everything you’ve worked for all your life is well protected, but will get you the best deal possible in the process. You trust your agent with all your life changes and heed his advice if there might be gaps in your coverage.
So why, oh why, would anyone not notify their insurance agent whenever a renovation project comes up? Yes, indeed, it does happen, and more often than you’d think. The fear of higher premiums and dropped coverage pervades every decision to keep mum, but renovations are one of the WORST times to give him the silent treatment!
Let’s face it. When you begin a renovation project, your finances (and potentially your business) are constantly at risk. Insurance agents are licensed and trained to help you mitigate the risks, but they’re not able to help if you don’t level with them, first.
All doom and gloom aside, disclosing everything to your agent has its benefits, as well. For instance:
An Ounce of Prevention
Your agent can help to calculate the risks involved. Insurance isn’t just about monetary coverage in the event of misfortune. It’s also about making sure these misfortunes don’t happen in the first place. Believe me. Your case most likely isn’t extraordinary. They’ve seen it all.
Do the Job Right
Insurance agents also prove helpful when picking contractors. “Does your contractor have workers comp and liability coverage?” he’ll probably ask. Good agents will scare away shadier contractors and weed out mediocrity to give you the best options possible. Sure, footing the bill for a more expensive contractor might seem like a bitter pill to swallow, but it’s a pill that insures that the job will get done right the first time (as well as making sure your workers can’t sue for damages). Measure twice, cut once. Right? Right.
Savings, Savings, Savings!
And then, there’s the possibility of actually SAVING some money! And we all like to save money, don’t we? Renovations can mean upgrades to the plumbing, wiring, landscaping, and the like. What does a reduced likelihood of electrical fires, flooded basements and trip hazards mean? If you said “lower insurance rates”, you’d be correct!
So, in the long run, total honesty with your agent can only be to your benefit. Just like doctors, they are trained professionals, but can’t diagnose and treat illnesses (or gaps in coverage!) if their patients willingly withhold information out of fear.
Just remember. Your doctors and insurance agents are here to help you, not hurt you.
First Baldwin Insurance