Home Renovations Insurance

home renovations

Now that summer is finally here, many of you may be thinking about renovating your home now that the weather has become somewhat more agreeable for you to conduct home renovations.

However, while we hear a lot about various aspects of home renovations, we rarely hear how insurance factors into the whole process. Not letting your insurance provider know about your plans can actually come with big risks – including a denied claim, or worse, a cancelled insurance policy.

According to the online financial comparison platform Rate Hub, there are several factors to consider about home insurance before completing spring home renovations:

  • Planning to make improvements to your home? Before you even start your renovations, you should connect with your provider to understand what coverage you have during the renovations, and how the changes could impact your insurance after.
  • Have a home insurance policy and think you’re covered? There could actually be a clause that eliminates your coverage if you undertake a home renovation. Plus, if you’re doing any major structural changes, you likely need to update your policy to make it a “building under construction” rather than standard home coverage. 
  • Staying away from your home during your renovation? If you’re vacant from your home for 30 days or more, it could actually be in violation of your policy.
  • Using a contractor? It’s important that you check with them to see what their insurance covers. Generally, the contractor’s insurance paired with the homeowners’ insurance will provide good coverage.
  • Could there be any insurance benefits to renovations? In some cases, improvements that reduce your risk for liability or that protect your home from common hazards that affect your insurance could help lower your premiums. But, if the improvements increase the replacement value of the home, your premiums may go up.

If you have any questions regarding your home insurance while you’re in the midst of conducting renovations or planning to, please contact Pacific Insurance Brokers Inc. at 416-494-1268 to speak to one of our seasoned professional advisors.