Things To Do Before Starting Your Home Reno
Ready to reno? Home renovations and repairs can help improve curb appeal and make your house feel more like a home. Whether you’re doing small touch-ups or updating your entire place, here’s what you should do before getting started according to the Insurance Bureau of Canada (IBC):
Understand your home insurance during renovations
Contact us before getting started to let us know about repairs, upgrades and changes to your home. They may affect your coverage. Letting us know before you begin allows us to give you relevant advice to make sure your coverage reflects these exciting enhancements to your home. Your coverage may be limited to a certain extent throughout the course of renovations, so it’s an opportunity to get clarity on what is and isn’t covered. Keep in mind that do-it-yourself projects can have as much of an impact on your insurance as work done by contractors.
Expect potential changes to your home’s replacement value
Replacement value is the estimated cost to replace your home. Changes to your home can affect the overall value of the residence and change the replacement value in your coverage.
Keep those records and receipts
Your paper trail is a great resource for keeping track of all the necessary details of costs and project dates. It’s also an opportunity to lay out all the details you might have agreed upon with any other parties. This eliminates the guesswork and lets you have every bit of information available when you need it.
Prep that permit
Even if you’re leaving the upgrades to someone else, it’s still your responsibility to have the necessary permits in place. Generally, a contractor can do this for you, but you should have this expectation included in the contract details so it is clear that it’s their responsibility.
Check your insurance policy before renovating your home
Renovating or making repairs in or around your home can make your property safer. Maintaining your property to remove potential hazards is a great way to lower your risk of being liable if someone injures themselves on your property.
For example, repairs and general maintenance that make your driveway safer can help lower the chances of someone slipping or falling and taking you to court for damages or injuries; and making upgrades, like replacing your roof or adding a connected burglar or fire alarm, can be an excellent line of defense against common hazards that might benefit your insurance, too.
Renovations can sometimes be a tricky process, but we want to help you understand how changes to your home can impact your insurance. Check your policy before your next home project on MyInsurance. Contact us if you have questions about home insurance and renovations. Prefer to chat online? No problem. We offer live chat support on our website, with TD Insurance Advisors ready to help you.
