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Whether you're doing some homework yourself at home or planning a larger renovation, it's important to know that these changes can affect a home insurance policy. Any owner who is about to begin renovations should consult with their insurer to determine whether or not to subscribe additional collateral.

Home insurance... are you well insured?

Home work insurance

Will your insurance premiums go up or down?

A majority of homeowners are unaware that some improvements to their home, such as repairing a damaged roof, or installing a new alarm system, can contribute to a decrease in their home insurance premiums.
Landlords also lack knowledge of books that help drive up their insurance premiums, such as buying new appliances, installing a new granite counter, or expanding a bathroom.
Minor tasks, which could be described as DIY, such as repainting a room yourself and installing moldings on the ceiling, will probably not affect the current protections. However, larger books may invalidate an insurance policy.
Anything that increases the value of a home, as well as the likelihood of a claim, affects the type of homeowners insurance and the amount of insurance a homeowner has. Therefore, before going ahead, if you are planning to renovate your home or cottage, make a phone call with your home insurer to see if you should make any changes to your home insurance policy..

Is your residence covered in all circumstances?

Home insurance... Are you well covered?

House well insured

During renovations, most homeowners think that their home insurance policy protects them during this period. Take the time to check exactly what is going on, to avoid unpleasant surprises!
For example, when a house or cottage is not occupied during renovations, water damage or other disasters may occur without the owner's knowledge. Unoccupied residences often prove to be targets for burglars...

Are you covered in case of an accident?

Accidents are so quickly arrived! Construction sites are more conducive to accidents. A majority of homeowners think they are protected if a contractor or a member of their team gets injured on their property during renovations.
Did you know that in such unfortunate circumstances, you could be personally liable for medical expenses, lost wages and moral damages? It could be really exorbitant amounts...
That is why it is important to question the entrepreneurs, before definitively fixing their choice, by asking them to provide you their certificate of liability insurance. Pay attention to the amount of insurance, taking into account several parameters, such as your type of renovations, how many employees work for the contractor in question, and the total cost of your project. The higher the protection, the better you will be protected. Do not neglect these details, before hiring a contractor who will be responsible for carrying out your projects!

What is usually covered

Your home insurance protects you

What your home insurance covers

In general, the project manager in charge of the renovations is responsible for the works carried out, according to the ten-year guarantee which covers the damages occurring due to defects of construction.
As for the installed equipment, they are usually covered by a guarantee of functioning, which can extend up to two years after the purchase.

In what circumstances do you have to take out multi-risk home insurance?

When the estimate of the renovations proves to be quite significant, it is necessary for an owner to subscribe to a comprehensive home insurance.
This is the most comprehensive coverage in terms of housing insurance. In addition to the basic guarantees, which relate to fire, explosion, water damage, etc., this type of insurance includes additional protections, such as legal protection.
A third-party liability cover provides coverage when personal injury occurs during an incident in your home. Whether it's your family, neighbors, or whoever is renovating your property, you will not have to wear the heavy legal and financial cap if people are harmed.

Once the renovations are completed

The value of the property should be evaluated at the end of your renovation projects to ensure compliance with your new home insurance policy. You will have to take into account the new equipment installed, in addition to mentioning the changes that have occurred to your property.
The insurer will assess whether the renovations contribute to a decrease or increase in the risk established in your home insurance policy.

Video Instruction: Insurance 101 - Homeowners Coverages