Yada, Yada, Yada, Renovating your Home – Insurance ala Seinfeld

Please skip this post if you don’t like Seinfeld.  For Jerry fans, you may recall how his gang loved to scheme against the insurance industry.  A classic episode, “The Nose Job”: George tries to get his girlfriend's nose job covered by health insurance by claiming she broke it in an accident to somehow change her appearance for free.  

One can fantasize about how George (or Kramer, God help us) might advise you on insurance for your home renovation.   Since we are stuck in the real world, we have to take our own sensible steps on renovations. One of the first steps: inform your insurance provider about the scope and nature of the work.   Failing to disclose significant renovations could result in denied claims or reduced coverage in case of a related incident.  Additionally, reading your homeowner's policy to see how coverage for renovations or additions works is important.  Some policies may have exclusions or limitations related to structural changes.

And don’t forget builder’s risk insurance.  This policy can cover damages or theft during construction, which standard homeowner policies might not fully address.  Remember that injuries or damages caused to workers or third parties during the project is a risk. Reviewing your contractor’s insurance coverage is also advisable; hiring insured professionals can help mitigate liability risks for you.

Lastly, document the property’s condition before work begins.  Spoiler alert: watch “The Package” on your next TV session to learn how Newman foiled Kramer’s exploits (with photos).  Yada Yada Yada.

John Cattau, Managing Partner of Kirk Creek Insurance Services, LLC is a New York State licensed insurance broker BR-1917908. He can be reached at 929-456-2265.  Please visit www.kirkcreekinsurance.com for more information.