Guy R Day Insurance Group Blog
With housing prices on the rise, many Canadians are choosing to renovate their homes instead of moving. If you love your location and get along with your neighbours, updating your current space might be the right move. Remodeling your home will also allow you to customize your space to suit your needs and likely increase the value of your home.
Things to consider when planning a home renovation:
Investing in a home makeover doesn’t have to be stressful if you build a plan for a smart renovation:
Five most popular renovations for Canadian homeowners in 2017
(According to a recent survey)
Whether you decide to finish your basement, update your kitchen or bathroom, it’s a good idea to let your insurance provider know about your plans. Your house insurance covers your home and its contents in the event of a loss, but your new renovations could increase the overall value of your home – therefore, affecting the replacement value and premiums of your current policy.
It’s also important to remember that some renovations may not be covered under your current home insurance policy and a surcharge or restrictions may apply to your existing policy due to the risks involved during construction.
Understanding your policy and available add-ons to your coverage will ensure you’re covered for the cost to rebuild your home (including all the new renovations) in the event of a loss.
Every situation is different, contact your insurance broker or Aviva to learn more about the implications of home renovations.