If you're like most people, you buy insurance to protect your home. After all, your home is likely your biggest asset. With home show season upon us and spring just around the corner, you might be thinking about renovating your home. There is something you need to be aware of before you start. Even the smallest renovation could affect the coverage provided by your home insurance policy. That means, whether you are hiring a contractor, or doing the renovations yourself, you need to take the time to contact your home insurance provider and inform them of the upcoming work.
Insurance coverage is the best way to protect yourself from losses but there are limits to what different types of insurance coverages provide. Notify your insurance cover provider to be certain of the type of coverage you will get.
In most cases, you are required to contact your insurance provider if you carry out or contemplating carrying out renovations costing 5,000$. If you don't inform your insurance provider of costly renovations of this nature, then you wouldn't qualify for the Guaranteed Building replacement costs - this cover is included in most insurance policies and it guaranties that you will receive the costs of renovating your home even if you have passed the limit stipulated in your original insurance cover policies.
Owners of condos should be aware that while condo corporations are responsible for buying insurance on the condo building, unit owners are responsible to insure the cost of any improvements that have been made to their units. According to most insurance providers, it's relatively easy and inexpensive to insure any improvements. Condo owners can contact their insurance providers to add "building improvements" coverage to their condo insurance policies.
You should also be concerned when your renovation contractor has done a bad job or has caused more damages to your home during renovation. Even though your insurance cover may not include costs of faulty designs on your building, but it will cover other elements such as water damages resulting from contractor's ignorance or mistake but if you want to enjoy the benefits of this , you need to hire a contractor that is licensed, he or she must also possess the workers' compensation and commercial general liability Insurance cover. Don't forget to check for the contractor's references.
If you have a comprehensive home insurance policy and you are planning to carry out renovations on your home, then your insurance cover must make provisions for accident caused not only on your own homes but any other home affected by your renovation works. If you accidentally cause the placing of screws or nails in a pipe for instance and it affects another home owner within the premise , then your personal liability coverage will have to cover the costs of paying compensations to your neighbours whose homes or properties have been damaged from such errors.
Insurance coverage is the best way to protect yourself from losses but there are limits to what different types of insurance coverages provide. Notify your insurance cover provider to be certain of the type of coverage you will get.
In most cases, you are required to contact your insurance provider if you carry out or contemplating carrying out renovations costing 5,000$. If you don't inform your insurance provider of costly renovations of this nature, then you wouldn't qualify for the Guaranteed Building replacement costs - this cover is included in most insurance policies and it guaranties that you will receive the costs of renovating your home even if you have passed the limit stipulated in your original insurance cover policies.
Owners of condos should be aware that while condo corporations are responsible for buying insurance on the condo building, unit owners are responsible to insure the cost of any improvements that have been made to their units. According to most insurance providers, it's relatively easy and inexpensive to insure any improvements. Condo owners can contact their insurance providers to add "building improvements" coverage to their condo insurance policies.
You should also be concerned when your renovation contractor has done a bad job or has caused more damages to your home during renovation. Even though your insurance cover may not include costs of faulty designs on your building, but it will cover other elements such as water damages resulting from contractor's ignorance or mistake but if you want to enjoy the benefits of this , you need to hire a contractor that is licensed, he or she must also possess the workers' compensation and commercial general liability Insurance cover. Don't forget to check for the contractor's references.
If you have a comprehensive home insurance policy and you are planning to carry out renovations on your home, then your insurance cover must make provisions for accident caused not only on your own homes but any other home affected by your renovation works. If you accidentally cause the placing of screws or nails in a pipe for instance and it affects another home owner within the premise , then your personal liability coverage will have to cover the costs of paying compensations to your neighbours whose homes or properties have been damaged from such errors.
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