Insurance: Who needs it and how much do they need?

Your contractor will have both general liability and workers comp insurance. However, many co-op boards will require you to increase your homeowner's insurance or add liability coverage in addition to your contractor's policies. This is will be detailed in your alteration agreement. It's a good idea to have a conversation about your plans with your insurance agent so they can guide you through what you might need to add to your existing policies in order to have enough coverage.
Things to know:

  • If you are moving out of your apartment during the renovation, make sure your policy doesn't have a “no vacancy” clause – meaning, if you aren't occupying the unit within a certain timeframe, your policy can be voided.
  • Your premiums might go up, especially if you have added value to your apartment with the renovations. This is a good thing to bring up with your agent prior to kicking off the project.
  • Your existing policy may not cover all of the building materials, including surfaces, tiles, appliances, cabinetry, plumbing fixtures – again, this is a good thing to ask your insurance agent about so they can help you assess what you might need to purchase to be completely covered and secure.


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