Could a Home Renovation Void Your Oklahoma Property Insurance Coverage?

Posted September 15, 2017

Do you know all of your legal rights and your responsibilities under the terms of your property insurance policy? Have you read through the policy line by line? If you have not, do not worry; you are definitely not alone. Insurance policies are long and complex. It is normal for policyholders to skim through the content to get to the important parts.

 

Still, there are some things you need to know so that you are not surprised in the future. For example, you should know that a non-disclosed home renovation might potentially leave you with insurance coverage gaps. In some cases, a major renovation could even void your policy. In this post, our experienced Oklahoma property damage claims attorneys discuss what you need to know about your insurance before you begin that home renovation.

 

You Should Disclose Substantial Renovations

As a policyholder, you have certain obligations to your insurance company. As the terms of your policy are set on the conditions of your home, you a have duty to disclose any major changes to the insurance company. To find out what specific duties you have as an Oklahoma homeowner, you need to consult with your specific policy. That being said, when it comes to making major renovations, it is important to play it safe. You do not want to risk voiding your insurance policy. If you are making a major renovation, it is a best practice to inform your insurer. Additionally, this will allow you to verify that your coverage is sufficient to protect you against any potential loss that might occur during the renovation.

 

You Might Need Supplemental Builder’s Coverage 

Any licensed contractor or subcontractor that you hire should have their own insurance protection in case they cause damage to your property. Please be sure to verify that their insurance information is up to date. In some cases, it may also be advisable for you to purchase supplemental builder’s risk coverage. This is certainly not always necessary, but it is important to eliminate gaps in your coverage.

 

Why If My Insurance Company Voids My Policy?

If your insurer tries to void your homeowners’ insurance policy, or attempts to deny coverage on the grounds of a renovation, you need to seek immediate assistance from a professional. Oklahoma insurance companies are notoriously aggressive, and often try to take advantage of policyholders, sometimes even wrongly denying claims. A top-rated bad faith insurance attorney will be able to review your specific case and determine what you need to do to protect your legal rights.

 

Contact Our OK Bad Faith Insurance Lawyers Today

 

At The Bennett Law Firm, our Oklahoma bad faith insurance attorneys have helped many homeowners and business owners recover full and fair compensation for their property losses. To schedule a free, no obligation review of your case, please call us today at 405-272-0303 The Bennett Law Firm. We take all claims on a no-fee, no-recovery basis, meaning we only get paid if help you recover compensation.