BRRRR, Appraisal, and Renovations

[Patrick C. Bellamy]

Last year, I made an off-market house purchase next door to me to start a BRRRR in an A quality tenant area. The seller/neighbor was interested in selling but staying as the tenant. We worked out a sale price and rent, and pulled the trigger. Over the last year, I've fixed up some things here and there, but the house needs a lot of work. I attempted to price in the cost of the repairs accordingly into the sale price, which I got $100k knocked off the sale price.

She just recently moved out and I've begun the renovation portion of the BRRRR; fully renovated and expanded kitchen, two full bath renovations, full porch renovation, finishing the basement, etc. I expect the ARV to be closer to $700k (which isnt unreasonable on my neighborhood) after the purchase price of $400k and $100k in the renovation.

I haven't pulled the trigger on the full kitchen renovation yet, but wanted to see if anyone in the area had a company or crew they recommended.  Im in NW Atlanta area.  

But my main question for you all was logistical;  should I have the house appraised post-renovation and approach my insurance for higher coverage to protect my investment.  I'm wondering in a worst-case scenario (a tenant burns down the house) and the insurance doesn't acknowledge the new estimated value.  How should I approach this to safeguard the investment?

thanks for any and all advice,

Patrick