Protecting your home during renovation or construction
Maintain proper coverage
Notifying your agent of your renovation or
construction plans prior to commencing them is a
critical step to ensuring your policy limits and
contract language will accommodate your
project. Traditional home/condo/co-op policies
often contain penalties or exclusions related to
renovations, construction and inadequate limits
that can be avoided through proper notification
and policy changes.
Make best use of central station alarms
Contrary to a commonly held belief, alarm
systems can be kept active during most phases
of residential construction. In many cases active
alarms will even be an underwriter requirement.
Consider these helpful tips:
1. Temporary mounting of components in early
phases of work is perfectly acceptable.
2. Smoke detectors should be capped during the
day to minimize the chance of false alarms and
then uncapped at night. Alternatively, heat
detectors may be temporarily used in lieu of
smoke detectors until the majority of work is
complete.
3. Burglar components can be minimal early in
the project, e.g. only a few motion detectors, as
no occupancy means the main intrusion related
risks are theft, vandalism and arson, not bodily
harm.
Consider adding a fire fighting water source
If your new construction site is located in an
area without publicly supplied hydrants,
consider adding a dry hydrant tank as part of
your project. Coordination with your local fire
department is required but you may be eligible
for a significant premium savings as a result.
Keep adequate fire extinguishers on site
Homes under construction are especially
vulnerable to fire. Visible and accessible fire
extinguishers of adequate capacity can be the
difference between a small flare up and a total
loss. ABC rated extinguishers with a minimum
size of 10lbs. are recommended, one per floor
or one per 1000sq.ft., whichever is greater.
Keep the site clean
Many commonly used construction materials
are highly flammable. Be sure that debris and
excess materials are removed daily and that
flammable and combustible items in particular
are either removed or stored in appropriate UL
rated containers. Don't forget the rags, brushes
and other application tools that were used with
these materials as they too carry risk.
Consider a water leak detection & shutoff
device and other premium credit earning
protections
Consult your agent prior to or early in your
project to learn about items that you can
incorporate that will provide enhanced
protection as well as premium credits for years
to come.
Restrict site access
Construction sites often attract unwanted
attention, increasing the risk of theft, vandalism
and personal injury liability claims. Consider
site fencing, a driveway gate or chain, motion
activated lighting and security cameras as
methods to help reduce these risks.
Building or remodeling your home is exciting, costly and
time consuming. This process also significantly increases
the chance of a claim. We have found, however, that most
construction related losses could've been avoided with a
few simple measures. Please consider these suggestions
and feel free to contact us to discuss your specific project
and concerns further.
LBC, is an independent insurance agency founded in 1921 with offices in New York City and Bedford Hills, NY. The firm specializes
in providing comprehensive insurance coverages and personal, customer service for affluent individuals and families. We employ
our unique Coverage Assessment Process and Renewal Solutions Review to identify and eliminate potentials risks, exposures and
gaps in coverage. LBC works closely with your other trusted advisors like financial planners, accountants and attorneys to ensure
that your financial assets and personal property are properly protected.
Main Office
2 Depot Plaza, Suite 301
PO Box 476
Bedford Hills, NY 10507
Manhattan Office
415 Madison Avenue
New York, NY 10017
(914) 666-5121
www.lbcinc.com