Beyond the traditional spring cleaning, the new season often inspires more ambitious plans for elaborate home renovations—a new pool, an additional room over the garage or a fully finished basement. Many financial planners may be asked by their clients about the affordability and wisdom of undertaking such improvements, particularly if funding the effort requires the liquidation of financial investments. As part of their answer, wealth advisors could provide an added service by encouraging clients to consult with their insurance agent.
Too few homeowners remember to take such a step. As a result, they leave themselves exposed to a wide variety of dangers. The fact is, homes under construction represent one the most dangerous situations for a family and home, and homeowners should take a variety of steps to protect their home before, during and after a home renovation project.