Planning home renovations? Regardless of the type of renovations, you should consider various factors, including the potential for fire or water damage. Contact your insurer to fully understand your coverage.
Here's what you need to know before starting your renovation:
Civil liability
Should you decide to involve friends or family in your renovation project, it is imperative to have sufficient liability coverage. You may be liable for any accidents causing harm to third parties.
Contact your insurer to verify if your civil liability could be engaged in the event of an incident. Additionally, please note that certain major work, such as electrical or gas installations, must be carried out by specialized contractors who hold the appropriate license.
If you hire a contractor, ensure that they hold a civil liability insurance policy.
Evaluating your insurance requirements
Your home insurance policy is customized based on your individual needs and the specific features of your property. As such, your insurer must be notified of any significant renovations or alterations to accurately assess the associated risks.
The following questions are commonly asked:
- Construction timeline
- Total renovation cost
- The percentage of work completed, particularly for plumbing, heating, etc.
- Structural modifications, including building elevation, wall demolition, and room additions.
- The work is done by you, a contractor, volunteers, etc.
Don't be afraid to ask any questions you think of to make sure you understand everything. Keep in mind that there might be some things that aren't covered.
Unoccupied house
It may be necessary, depending on the extent of the renovations, for you to vacate the premises for a certain period. This could affect your insurance coverage, depending on the nature of the work, its duration, and the number of days you will be absent. Your insurer should be informed of any extended absence, as certain exclusions may apply.
Renovations can increase the value of your home
Renovations such as bathroom or kitchen upgrades, basement finishing, or home additions can substantially enhance your property's value. To ensure ongoing coverage, be sure to notify your insurer of these alterations.
Some renovations may or may not increase your insurance premium. This depends on factors such as whether you are adding a room or finishing your basement, or if your renovations increase or decrease the risk of claims.
Insurers have varying requirements. The information they collect allows them to assess your needs and provide you with tailored coverage.
Remember, your insurer is there to help. Ask them any questions you have, and you can feel confident about moving forward with your renovations.
For more information, do not hesitate to contact a Proprio Direct real estate broker. With their network of professional contacts, they can direct you to the insurer or insurance broker best suited to your needs.
