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Day Insurance Blog

Home Renovations + Insurance

7/26/2018

11 Comments

 
Picture
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: 

  • Ask for supplier and contractor referrals from friends and family. Community Facebook groups can be a great place to get referrals for contractors who work in your area.
  • Research the company and/or contractor before signing a contract. Checking online review sites like Homestars is a good place to start. You can also ask your local business bureau to see if any of their former clients have made complaints.
  • Do a legal check – find out if the contractor is licensed and has insurance.
  • Find out if you need drawings created by an architect and/or a permit for your renovation
  • Notify your insurer 

Typically, home insurance will not cover liability or damages caused by the contractor. Before hiring your contractor, it’s a good idea to ensure that they’re covered under the Workplace Safety and Insurance Board (WSIB) or the equivalent board in your province, have commercial general liability coverage and that their insurance will cover any damages on your property during construction.

Five most popular renovations for Canadian homeowners in 2017
(According to a recent survey)

  1. Basic home maintenance - painting, flooring and general repairs 
  2. Landscaping - deck, patio, and driveway
  3. Bathroom renovations 
  4. Kitchen renovations 
  5. Replacement of windows and doors

Inform your insurance company of your home renovation plans
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.

*Source: https://www.aviva.ca/en/blog/renovating-your-house/

11 Comments
Home Renovations Edmonton link
9/15/2021 05:11:48 am

A good rule of thumb: If your renovation project would increase the cost to rebuild the home after damage, contact your insurance company.

Reply
Catie Benett link
10/8/2021 08:22:10 pm

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Best Access Doors link
10/18/2021 06:32:30 am

I like the helpful info you supply for your articles. Thanks for sharing a smart thought.


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Access Doors and Panels link
10/18/2021 06:44:24 am

Excellent explanation. Anyone can easily comprehend since it’s simple & focused. Keep up the great work!


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Drywall Bend link
1/19/2022 04:41:00 pm

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we will fix it link
2/3/2022 01:40:03 am

Thanks for sharing the kind information with me

Reply
Home Maintenance link
2/9/2022 08:45:46 pm

Thanks for guide me about Home Maintenance

Reply
We Will fix it link
2/9/2022 10:05:57 pm


Thank you for share this information with me . Thank you

Reply
Aura Home Remodeling and Construction link
2/24/2022 01:50:13 am

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Reply
Freeman Smith link
5/10/2022 09:30:36 am

Before hiring your contractor, it’s a good idea to ensure that they’re covered under the Workplace Safety. I’m so thankful for your helpful post!

Reply
home renovation ideas link
6/28/2022 09:06:20 pm


Thank you for sharing this piece, very helpful and informative especially to those who are planning to work on a renovation project for their houses.
Really appreciate your effort in putting this guide together, I'll use it as resource in our blog post.

Reply



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