Do I Need Extra Home Insurance When Doing Home Renovations?

Do I Need Extra Home Insurance When Doing Home Renovations?

Home renovation dreams may be a reality after you have discussed your concerns with the architects, designers and being given quotes which meet your budget. After choosing the best contractors, buying the best materials, but if you have not contacted your insurance service provider, then you be missing an important step. You can always get in touch with home insurance Toronto as they can assist you in getting the insurers for your home renovation project.

There are so many things that you must think and plan for before you start the home renovation. One of them is updating your status with the insurance service provider. When you make changes to your home it will mean that you are also changing the things which were insurance in your contract. If you fail to inform the insurance company, then you can be denied the insurance claims when you need them most.

Why should you notify your insurer about your home renovation?

Renovations can increase the value of your home

If your home renovation project involves adding or decorating a new kitchen, bathroom then it’s not a must that you should inform your insurer. However, you should increase the level of coverage if the renovation process will increase the value of your house.

Employers’ liability

This refers to a statutory requirement which applies when someone agrees to offer labor services to you. If one of the workers is injured or hut at the house during the process of renovation, then you must have a provincial workers compensation which protects all workers in case of injuries. Apart from that, they should also have private insurance which will be protecting their tools, liability to the crew and craftsmanship.

If you are undertaking an extension or large scale renovation project which can increase the risk of damage to your contents or the entire buildings. For instance, it may be exposing your property, then you should inform your insurer since many home policies will not include the renovation project in their policies. If you fail to do so then your policy may be terminated or canceled.

Personal accident

If you are injured during the process of managing your work, this kind of policy will guarantee you to have a temporary manager.

Vacating your house can nullify your policy

Many of the insurers require that the homeowners do occupy the house while it’s insured. If you are supposed to vacate your house so as to allow for renovations for a period of more than one month, then you will be breaking the policy. It’s good that you request your insurer for a vacancy permit while you are away and this can cost you some extra money in a month. If something happens and you do not have a vacancy permit, then you would have breached the contract since the insurance company may not be willing to compensate you for such period that you were away without their knowledge.

You never know what you can get

Home renovation may be unpredictable especially if you’re planning to renovate your old home. During the process of renovation, you may get old plumbing, wiring and other issues which must be updated for you to be able to maintain your coverage.

Someone may break into your house

While renovating your house so many people may be accessing your house and this can lead to high risks of burglarizing. Some of the people visiting your house may see your valuable items and start planning on how they can steal them. If you did not inform your insurer then you may be compensated.

In summary, as seen above when you are doing home revelations, you must have extra home insurance. If you have to have a challenge of the kind of insurance that you need, then you can get in touch with home insurance Toronto as they can easily access the best insurers for you. Just make sure that you choose the best insurer who will be able to explain everything that you need.