How Remodeling Affects Home Insurance

Ready to dive into a home remodel project? Aside from creating a realistic budget, schedule a meeting with your Mel Foster Insurance agent before selecting a contractor to determine how the upgrades will affect your homeowner’s insurance coverage. Consider a few questions to be sure you’re ready to proceed.

Who Should Do The Work?

Feel confident in your choice of contractor and team. Reliable, professional contractors often have reviews and references available through the Better Business Bureau. The contractors should provide you with proof of workers’ compensation and liability insurance before the work begins. Hiring a subcontractor or paying a friend to complete the job makes you an employer, which means you should purchase the worker’s compensation insurance yourself to cover liability in case of injury. Know who is doing the work and how this affects your insurance responsibility.

Will I Be Covered During Renovation?

Your home insurance company will typically insure the building materials you’ll need for renovation. But how much is covered? You may need to raise your coverage limits before beginning your project, and your Mel Foster agent can help settle this with you. Determine if your policy provides sufficient allowances for the unexpected, like if a fire struck and destroyed both your home and the building materials. Some insurance policies also have limitations on whether dwellings under construction or vacant for more than a set number of days are covered. Discuss all options to find the best insurance coverage so you’re protected

Does The Remodel Affect My Coverage Limit?

Most home insurance policies require you to insure your home for a minimum of 80 percent of its replacement value, while a Mel Foster home insurance policy covers 100 percent of your home replacement costs.

According to the Independent Insurance Agents and Brokers of America, one in four remodeling projects increases the home’s value by more than 25 percent. It’s essential that your insurance coverage reflects your remodel’s impact on the value of the house. Your agent can determine if your policy limits are adequate to cover potential rebuild costs, including the remodel, if damages were to occur.

Find more insurance tips for homeowners.

Mel Foster Co. and MooveGuru Deliver Services Tailored to Moving Families

Mel Foster Co. has partnered with MooveGuru, an automated moving concierge platform that sends perfectly-timed, move-related, money saving offers, via email and connects utilities and home services to buyers and sellers.

Your Mel Foster Co. REALTOR® will be supplying exclusive email offers and utility connections to home buyers and sellers.  The average mover spends 5 hours connecting utilities, the Mel Foster Co. connections service simplifies this process.  Emails are also delivered to the consumer with discounts on items relevant to a home purchase or selling experience.  The mover program includes money-saving offers from companies like the Home Depot, PODS, Budget Truck Rental, and more. 

“We are thrilled to partner with MooveGuru in a marketing benefit to offer our clients money saving opportunities with some local and national brands and assist them in organizing their move,” mentions Lynsey Engels, President Real Estate Brokerage of Mel Foster Co.  Engels continued, “because it’s so important to support our local businesses when possible, this is another way to do that.”  If businesses are interested in participating in the MooveGuru initiative, contact Mel Foster Co. at marketing@melfosterco.com.

A study by the University of Colorado found that movers spend, on average $10,000 on goods and services during their move.  To help clients transition into their new home, Mel Foster Co. has partnered with MooveGuru to provide savings along the way.

“Consumers spend more money in a 180-day window during their move than they will in any other time in their lives,” says Scott Oakley, CEO of MooveGuru.

Three CEO’s in the Company’s 100 Years

The Quad Cities looks very different than it did 100 years ago when Mel Foster Co. was founded. Davenport had about half as many residents as it does today, and Eldridge was about 40 years away from any significant population growth to name a few. Only three people have served as Mel Foster Co.’s president and CEO over the last 100 years, and each has left his mark on commercial and residential real estate in the Quad Cities.

Mel Foster Sr.

Mel Foster, Sr. opened a one-person, one-room real estate operation in 1921. He built the company’s first house on Telegraph Road in Davenport in 1927. That home was the first of thousands that the company would build as it created new neighborhoods in both Iowa and Illinois.

By 1936, Mel Foster Co. real estate offices were in Davenport, Moline and Rock Island, and an insurance division was opened. Mel Foster, Sr. was the consummate city planner and believed that industry would locate where housing was readily available. To that end, Mel Foster Co. successfully negotiated major industrial site purchases in the Quad Cities, including International Harvester, Caterpillar, 3-M, Quad Cities Generating Station in Cordova and Alcoa (now Arconic). Mel Foster Co. developed subdivisions that offered affordable homes to the families who worked at these businesses.

Mel Foster Jr.

Under the direction of Mel Foster, Jr., the company continued its tradition of family leadership and negotiated for major industrial sites including John Deere Davenport Works, developed prime office space, and created significant downtown and suburban developments.

Rob Fick became only the third president and CEO of Mel Foster Co. in 1991. Mel Foster, Jr. hired him in 1982 as vice president of Mel Foster Co. Properties. His first assignment was the development of a residential subdivision north of Crow Valley Golf Course. This was just the first of many subdivisions developed by Fick.  Over the last 40 years, Fick and Mel Foster Jr have purchased 22 farms, and developed over 100 subdivisions with 2,100 lots.

Rob Fick, CEO & President
Robert C. Fick

Fick developed Century Heights in Bettendorf, Townsend Farm in Eldridge and Maple Leaf Heights in Geneseo, just three of the many Mel Foster Co. neighborhoods that provide families with new housing. Under Fick’s leadership, the company continues to add more lots to existing subdivisions and explore new opportunities to bring housing to areas experiencing population growth.

Also, during this time, large sections of land along Davenport’s 53rd Street and Elmore Avenue corridor were developed by Mel Foster Co. and transformed into a bustling commercial hub. There is little doubt about Mel Foster Co.’s impact on the Quad Cities in the last 100 years.

The Foster family name is synonymous with real estate, and the company has always operated as a family business. Mel Foster III started his career in commercial real estate in 1981 when he joined his father in the family business. He served as vice-president of Mel Foster Co. Properties Inc. of Iowa and Illinois until his retirement in 2010. Today, Rob Fick is joined in the family business by his four children. Son Ryan is vice-president of Mel Foster Properties, Kristi is a residential Realtor®, and Julie works in corporate relations. Daughter Lynsey serves as president of the real estate brokerage division, which today has eight residential office locations and one commercial location.


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