Homeowners Should Consider Insurance Coverage During Major Renovations
Mercury Insurance (NYSE: MCY) advises homeowners to include insurance planning in their renovation process. As major home renovations can alter a property's structure, replacement cost, or liability exposure, it is crucial for coverage to remain aligned with the evolving nature of the home. With projected spending on homeowner improvements reaching $518 billion by 2026, Mercury emphasizes that homeowners should consult insurance agents before and after projects begin. Mercury outlines several key checkpoints: discussing project scope early, verifying contractor credentials, updating policies when renovations change in scale or complexity, considering the impact of high-end materials on replacement costs, addressing liability from new features like pools or ADUs, and reviewing coverage once work is complete. These steps help ensure that insurance remains adequate as homes evolve. The company highlights how even minor changes can have significant implications for coverage needs, urging homeowners to treat insurance with the same attention they give contractors and materials.
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