If you are thinking about a renovation of your home by adding an in-law apartment, here are a few things you may want to consider.
Insurance Requirements
Work with your agent at Homeowners Insurance Group in Scottsdale, AZ, to upgrade your home insurance. You will want to adjust coverage as the project progresses.
Be sure to have coverage while the work is ongoing. Talk with your agent about the risk to you of workers coming into your home and having building materials brought to the job site.
Work with your agent to determine replacement costs and make sure your home insurance coverage is adequate.
Building Permits
While it may be tempting to try to save money by not having a building permit for the renovation work, it is not a wise strategy to take this path. Work that is not permitted and certified as being up to current building codes may cause significant problems if you need to make an insurance claim in the future.
Yes, it is true that a new project may cause the need for further upgrades to your home and this can be very costly. Work with a qualified contractor and discuss the risk of needing to bring more things in your house up to code when adding an in-law apartment.
Charging Rent
You may want to charge rent for the use of the in-law apartment. That changes the status of the room in the house from being a bedroom for a family member or friend into a commercial enterprise. You will need commercial insurance if you decide to do this. Also, the renter should have renters insurance to cover their personal property.
Consult with your agent at Homeowners Insurance Group in Scottsdale, AZ, for all your home insurance needs.