Tips Before You Start Your Next Home Renovation

Whether you’re planning a major renovation project, or just making some minor upgrades, there are steps you can take to make the process less stressful. Here are a few tips from the Insurance Bureau of Canada (IBC) that can help you understand the importance of having the right insurance protection.

• Contact us before you begin any work. Whether you’re using professional contractors or considering a do-it-yourself project, speak with one of our insurance advisors to make sure you understand your coverage. Remember, your coverage may be limited during renovations.
• Check your policy. It’s best to confirm your insurance policy details before you retile your bathroom or turn your den into a bedroom. You’ll want to make sure your policy remains in effect and that you have suitable coverage for the type of renovation work you’re having done.
• Vacating your home? Due to increased risks, your policy may not be valid if your residence is unoccupied while renovations are being made. If your home is vacant for a longer period of time (more than 30 days) you may need a vacancy permit, so you can rest assured that your home is covered during this time.
• The value of your home may change, and you have responsibilities. It’s important that you let us know of any changes to your property, as it may affect your coverage. Since your insurance is designed to cover the costs of your home and its contents, the renovations may change the amount of betterments and improvements required on your policy to make sure you're fully covered.
• Find a reliable contractor. Reach out to your network of friends and family in your search for potential contractors. You will want to work with contractors that come highly recommended, have relevant qualifications, solid references, and can provide proof of insurance. It's important to get confirmation from the contractor that they have appropriate insurance coverage.
• Get the right documentation. Make sure to request a contract in writing, a detailed estimate with the work you expect, and the start and completion dates. You should also have an itemized list of building materials with the cost of those materials, as well as the total project cost.
• More paperwork, less problems. As you may have realized by now, you need to have more than building materials to get your renovation started. Aside from the proper insurance coverage, it is also your responsibility to get the legal permits that allow you to do work that meets the local building codes. Or you can request that your contractor obtains all the necessary permits for you.

Staying stress-free during renovation projects can be tough sometimes, as unexpected situations can arise. However, establishing clear communications with your contractors and insurer can help provide the support necessary for your project.

Keep in mind that TD Insurance has various options to meet your home insurance coverage needs. Contact us to speak with an advisor today.

Insurance Bureau of Canada. (August, 2016). Before You Renovate. Retrieved March 24, 2017, from http://assets.ibc.ca/Documents/Brochures/Before-You-Renovate.pdf