Your house is one of your greatest financial assets. And any renovation you do to your home is also an investment (except maybe adding a sunroom--don’t do that).
But as anyone who has ever undergone a remodel knows, a $20,000 estimate can quickly shoot to $45,000...and a seemingly lovely contractor can suddenly stop returning your calls.
Enter Bolster, the first-ever company to offer home-renovation insurance.
Here’s how it works: After assessing the scope of your project, Bolster helps you draft an industry-standard contract and underwrites your reno for the amount it’s supposed to cost (e.g.: $100,000).
From there on out, you’re insured up to that amount for anything that might go wrong. For instance, say you think your carpenter did a crappy job with your flooring. You can file a Bolster claim and, as long as the insurance rep agrees with you, they’ll cover the cost of redoing the work--even if it exceeds your original budget. Same goes for general contractors who go bankrupt or fail to pay their subcontractors: If they make a mistake, you don’t have to pay for it.
Bolster launches this week in New York state, but plans to roll out nationwide over the next year. Just in time for your big bathroom remodel...