It’s important to contact your insurance provider before and after renovating. You may have to  modify your policy before renovating for several reasons. For instance, you may require a vacancy permit, construction insurance and theft or vandalism coverage. Similarly, modifying your policy after renovating is essential.  Certain renovations can significantly change the value and risk of your home. Consequently, after you’ve upgraded your home, don’t forget to upgrade your home insurance policy too. If you don’t, you may be denied future claims.

Reasons to Contact Your Insurance Provider Before and After Renovating

Vacancy Permit

Certain projects may require you to vacate your home during the renovation. For example, the plumbing and electricity are turned off or the kitchen and bathrooms are all under construction. Vacating your home for 30 days or more could be in violation of your policy. You may need to get a vacancy permit. So, it’s prudent to inform your insurance provider if you are vacating your home during the renovation.

Construction Insurance for Your Home Renovation

You may experience unexpected property damage during the renovation process. For instance, rain damaging your walls and hardwood flooring because your roof was removed to add a second story addition. Therefore, it’s a good idea to call you insurance provider with a detailed explanation of the updates you’re making to your property. They’ll let you know if you need to update your insurance policy too.

Theft or Vandalism Coverage

When you home is under construction, it’s more exposed to theft and vandalism. For example, boarded-up doors and windows are vulnerable points of entry. Ensure your insurance policy covers theft or vandalism during the construction process.

Insured Home Renovation Contractor

Uninsured contractors can expose you to substantial financial risk in the event of damage to property or work-related injuries. Confirm you contractor carries liability and Worker’s Compensation insurance.

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Post Home Renovation:  Update Your Insurance Policy

Once construction is complete, inform your insurance provider of all renovations to ensure that you have adequate coverage. Certain renovations can significantly change the value and risk of your home. For example, a new basement apartment will definitely increase the value of your home. And, if you plan on renting it out as a secondary suite, there are certain risks involved. For instance, what if your tenant starts a fire in their suite? If you didn’t inform your insurance provider that you’re renting out a secondary suite, your home insurance policy could become void when you try to make a claim.

To sum up, be diligent and always read the fine print of your home insurance policy. Similarly, always contact your insurance provider before and after renovating.

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Author
Tom Cordeiro

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