Home Renovation Insurance
Is that Beautiful New Room Covered When the Tarps Come Off?
When you buy a new car, one of the first things you do is phone your insurance broker so the vehicle can be added to your policy. You don’t think twice about it; obviously you need the car covered as soon as you drive it off the lot.
But what’s the first thing you do when your home renovation is 
finished? Invite friends and family over to admire the glorious new living space, of course! Do you remember to directly notify your broker that the value of your home has changed (and therefore your coverage might need to change)?
Probably not. You might get around to it, in due time... But what if a fire sweeps your home and your insurance coverage doesn’t include that extensive kitchen reno? What if your basement gets flooded and you don’t have sewer backup insurance to protect that expensive family room down there? What if somebody makes off in the night with that lovely gazebo you added to your yard? You get the point...
Think of your property insurance as a living, breathing entity - one that expands, and contracts, as your family needs and lifestyle changes over time. Some suggestions:
- Talk with your local insurance broker at least once a year for a “pre-renewal checkup,” being sure to include all home renovations.
- Even new large-ticket outdoors items, such as ride-own lawnmowers and patios/decks should be mentioned to your broker.
- Private swimming pools introduce a whole new level of liability, so be sure to discuss this with your broker, even before you make a decision to invest in an in-ground pool.
- Don’t forget to mention any renovations to your cottage, which also requires adequate insurance coverage, even if you only reside there part-time (The risk of break-in can be even higher in remote cottage country than for your primary residence.)
Since it’s Spring, renovation is in the air, and scaffolding may be showing up on streets in your neighbourhood. Are you doing any reno work?
Take advantage of our free consultation to determine if you have the right home insurance policy and that your home is protected.
Register now for a free home insurance consultation!