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Renovating Your Basement

So the pandemic has continued to drag on and you are finding out you need more room because the whole family is working from home! You have sketched out your plans, hired a contractor, applied for building permits, and are starting your renovation but wait, are you forgetting something? Have you contacted your insurance agent or broker to let them know you are adding living space, if not you should be.

Make sure when you renovate to install smoke and carbon monoxide detectors to the new building code requirements. Also think about adding water sensors in high risk areas such as a bathroom, laundry room and where your sub pump is located. Plumbers and building supply centers now have everything from your basic alarm that beeps when it detects moisture, to being able to monitor on your phone how often your sub pump runs. When you look at the cost of a little protection compared to what you just spent renovating it is a small price to pay for a little more protection.

Finishing your basement or renovating can considerably increase the value of your home and having your insurance updated is critical in case of a loss. As the housing market prices have increased so has the price of building materials and furnishings, which may put your newly renovated space in a position of not having enough coverage if a water pipe bursts or your sub pump fails and fills that new living space with water. So don’t hesitate, contact your agent or broker to make sure you are properly covered.