Health concerns.
Practice disruptions. Curbside pick-up. A surge in companion-animal adoptions
that contributed to year-over-year new client increases for veterinary
practices across the country. COVID-19 definitely has affected the professional
lives of veterinarians.
But for many
veterinarians (and non-veterinarians too), the increased time at home also led
to an increase in home improvement projects. If you’re considering tackling that
dream project or finally building that addition, the AVMA Trust has developed
this resource to guide you through the process.
Start by selecting a
reliable, professional remodeling contractor. A home improvement contractor
with a well-established business can be vetted by reaching out to past
customers or through your local Better Business Bureau. If you solicit bids
from several home improvement contractors, be sure they are all bidding on the
same scope and quality of work. Discuss variations in bids and beware of any
bid that is substantially lower than the others.
Renovation Contracts Are Critical
A well-written contract
is a critical next step in any home remodeling project. The contract is what
holds the job together and ensures that all parties involved agree to the same
vision and scope for the project.
Among other things,
your contract should include:
● What the
contractor will – and will not – do
● A detailed list
of project materials
● Approximate
start and completion dates
● Financial
terms, including total price, payment schedule, and cancellation penalty, if
applicable
● A minimum
one-year warranty on materials and workmanship
●
A binding arbitration clause in the event of a
disagreement
The National
Association of the Remodeling Industry (NARI) advises that you also take steps
to protect yourself in case workers have an accident while in your home. Ask to
see a copy of the contractor's certificate of insurance. Most states require a
contractor to carry workers’ compensation, property damage, and personal
liability insurance. Connect with the AVMA Trust to review the contractor's
certificate of insurance to make sure it meets minimum requirements.
If you hire a general
contractor, one of their responsibilities should be to ensure that all
subcontractors provide a reliable certificate of insurance. Should the
construction project extend past the expiration date of the policies, ask for
an updated certificate.
Do a Contract Review
As an extra precaution
before you sign a contract, ask your insurance broker and an attorney to review
it. Most contracts include an insurance provision that outlines your
responsibility as well as what is required of your contractor. A legal review
will help you avoid any contractual transfer of liability or performance
requirements that do not meet your objectives.
You also should discuss
with your broker how the changes you are making will affect the insurance
coverage of your homeowner’s insurance. Your broker will review the valuation
clause on your policy to determine what your property limit needs to be in
order to avoid any coverage gaps.
Once work is complete,
your broker can review the contents coverage on your home to determine if it
needs to be updated. Did your makeover include any custom built-ins or fixtures
that should be added to a schedule of valuable articles? Also, is the property
limit on your home still accurate, reflecting your home's increased value? If
you installed a feature such as a pool, spa, or hot tub, is your liability
limit adequate?
If you have questions
about your current coverage or are considering changing policies, connect with the AVMA Trust. As a
valued AVMA member, we have dedicated resources available to make your decision
making easier.