What Is A Material Change?UncategorizedSeptember 7, 2017Homeowners everywhere purchase insurance as peace of mind. Their home insurance policy will protect them should they face an unforeseeable loss, but do they know that they still need to keep their insurer up to date when it comes to a material change to the risk? A statutory condition of the typical homeowners policy dictates that unless prompt notice in writing of the material change is given to the insurer or its agent, the insurer may void coverage on the policy. A material change is a change or adjustment to the risk that is both material and within the insured’s knowledge and control. A material change can be a variety of things. Changes to the occupation, operations, etc can be considered material changes. Some examples are: going on an extended holiday, renting out the basement, adding a wood burning fireplace, or doing home renovations. If you have not informed you insurer and a loss occurs, they reserve the right to void coverage on your policy under the statutory condition, regardless of whether or not the loss has anything to do with the change. It is important to always inform your trusted insurance broker of any changes or plans to make changes to your home. They can help you make sure that not only is your insurer aware of any changes but that you carry the right coverage for the risk. for example renting out your home may require additional coverage such as rental value with protects your rental income. To read more about this topic, heres an article from the globe and mail. To speak to a trusted insurance advisor today to see how we can help you, contact one of our broker representatives at 416 494 1268.