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Hiring a contractor can make a major home project easier, but accidents, property damage, and disputes can happen even when you choose a reputable professional. Knowing how your insurance may respond before work begins can help you make informed decisions.

Check the Contractor’s Insurance

Before allowing work to start, ask the contractor for proof of insurance and verify that the policy is current. Indiana’s licensing requirements can vary by community, and some contractor licensing processes require proof of insurance and workers’ compensation coverage. Checking credentials and insurance documentation can provide an important layer of protection.

Know What Your Policy May Cover

Your home insurance may provide protection when covered damage occurs to your property, but whether a contractor-related loss qualifies depends on the circumstances and the terms of your policy. 

If something goes wrong during a project in Plainfield, IN, document the damage immediately with photographs or video and contact your insurance company or agent. Indiana’s Department of Insurance advises homeowners to document damage and avoid permanent repairs until the insurer has had an opportunity to inspect it.

Work With Gill Insurance Advisors 

Contractor-related incidents can raise questions about responsibility, policy terms, and the contractor’s own insurance. Your home insurance policy should be reviewed before a significant renovation or repair project begins, particularly if the work could change your home or increase potential risks.

Gill Insurance Advisors serves customers in Plainfield, IN, and can help you review your home insurance and discuss questions you may have before hiring a contractor. Contact us for more information about your policy and the insurance considerations that may apply to your project.

Understanding the coverage limits in your home insurance policy is essential when it comes time to file a claim. Reviewing your policy documents and comparing your current coverage limits to the value and condition of your belongings can help ensure you are adequately protected. Making adjustments when necessary can help prevent unexpected out-of-pocket expenses.

Understanding Home Insurance Coverage Limits

Coverage limits in a home insurance policy represent the maximum dollar amount your insurer will pay if covered property is damaged or stolen. These limits are typically established when the policy is first written and may not automatically adjust as the value of your belongings changes.

If the cost to repair or replace an item exceeds your coverage limit, you are responsible for the difference. Reviewing these limits regularly helps ensure your policy reflects your current needs.

Valuable Property Assessment Guidelines

Homeowners may choose to assess valuables on their own or work with a professional appraiser. Assessments help determine an item’s current value and may also identify wear, damage, or other factors that impact its worth.

It is a good practice to keep detailed records of your valuables, including descriptions, photographs, and estimated values. Because property values can change over time, performing periodic reassessments can help keep your coverage accurate.

Each assessment provides insight into whether your current home insurance coverage limits are sufficient or if adjustments should be made.

Insuring Newly Acquired Valuables

When you purchase a new high-value item, completing a separate assessment before adding it to your insurance policy can help determine the appropriate level of coverage. This step ensures the item is properly insured from the moment it is added to your home.

Questions and Coverage Guidance

Being prepared before updating your insurance documents can make the process smoother and more effective. Consulting with a knowledgeable insurance professional can help you evaluate your valuables and coverage needs. Contact one of our Gill Insurance Advisors to review your policy. An advisor serving Plainfield, IN, can provide guidance on coverage limits and help ensure your home insurance policy offers the protection you need.

Home insurance in Plainfield, IN can help give you the coverage you need to make necessary repairs. These policies can mean the difference between being homeless or living in uninhabitable conditions, or between calling a local roofing company and calling a local roofing company. Learn more about how these policies work to make sure you’re covered before something happens. 

Normal Wear and Tear

Policies usually do not cover normal wear and tear. If your roof is old and leaking, your policy likely won’t cover the cost of a new one. Instead, policies only provide coverage for covered perils. 

Covered Perils

Policies always include a list of covered perils, including but not limited to fires, wind damage, lightning damage, and certain natural disasters. It’s crucial to speak with an experienced agent at Gill Insurance Advisors to learn more about the covered perils listed in your policy. 

Exclusions

Policies also have a list of exclusions. Many companies exclude common natural disasters because you need additional coverage to pay for the damages; a standard policy usually isn’t enough. For example, policies may exclude tornadoes or floods. Thankfully, most companies offer individual policies you can purchase to ensure your home is covered. 

Neglect

Policies will not cover damages if an owner fails to prevent damage. For example, if a leaking roof is not repaired and the roof collapses, the provider won’t help pay for a new one. It’s also the homeowner’s responsibility to handle outdoor maintenance, such as trimming leaning trees and cleaning gutters. Failure to perform proper maintenance can lead to a claim denial. 

Representatives at Gill Insurance Advisors can help you learn more about the fine print in your policy to ensure you have the necessary coverage. We’re currently serving the Plainfield, IN area. Contact us today!