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After the Basement Renovation
Your new basement renovation increases your living space and the enjoyment of your home. It also increases the value of your home.
Following the basement renovation and investment in your home, there are a couple of key things that homeowners should investigate to protect the increased value of their home.
Contact your insurance provider. Updating your insurance policy with home improvements is something many homeowners don’t think about. You should contact your home insurance provider to let them know you now have a finished basement. Also let them know about any new appliances or amenities in the basement, such as a washer and dryer, food freezer or sauna, that may not be covered under your previous home insurance policy that now need to be covered. Ask specifically about which types of insurance you need to cover basement improvements; for example, flood insurance or sewer backup coverage may need to be specifically added to the policy to cover all your basement improvements.
Obtain copies of all the permits. For resale, basement renovations need to be done with the proper building permits, including permits for electrical and plumbing work. All your investment in finishing your basement may be lost when a potential home buyer passes you over because the basement renovation was completed without permits, and did not have a final inspection for safety and compliance with building codes. If there’s a perceived potential for future repair costs, some potential home buyers may not be willing to take on the potential risk.
Use a licensed contractor. In the case of a claim for water or sewer damage to your renovated basement, insurance providers will consider whether or not the work on your basement was done by a licensed contractor. This is important because a licensed contractor ensures that your finished basement will be safe, and that the work was completed according to the building code and standards.
If you’re not sure of next steps to protect your new investment in your home, ask your contractor about any risks for damage to your basement renovation and follow up with your home insurance agent to prevent avoidable surprises.
At Old Castle Renovations we understand how to protect your investments in your home and are available to answer your questions. Call for a free quotation on your basement renovation.
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