A recent survey showed many people are unaware of a home renovation’s impact on their insurance policy.
According to the survey results only 6% of people checked their home insurance policy to ensure they were covered during upgrades, and only 16% asked their insurer if they needed an update following their renovation.
“Upgrades requiring extensive work, such as adding an extension to your home, may require you to change your entire policy to a building under construction.”
“And, if you’re not living in your home during renovations, it becomes an easier target for thieves and undetected water damage, which is why your insurer may require you to secure a vacancy permit if you move out for more than a month.”
The Insurance Bureau of Canada website also includes information for homeowners about when they may need a policy update.
If you’re planning on doing some renovations this year, give us a call and we will gladly answer all your reno questions.
We’re here to help you along the way. Be Wise…. Staeblerize