Why You Should Consider Insurance When Planning Your Renovations (even if you’re the Property Brothers)

If you’re anything like me, when the nicer weather rolls around, you’re ready to refresh your home. After months of winter weather, once the temperatures start rising, I’m ready to clean up, clear out and donate old toys, clothes, etc. and generally do a refresh around our home. This typically includes some type of home renovation—whether it’s something minor like a fresh coat of paint or something major like a kitchen makeover, spring is a great time to get to work on the house.

Renovations can be expensive. The last thing any homeowner wants during a home renovation is to blow their budget as a result of unforeseen costs. If you’re a fan of Love It or List It, I’m sure you’ve seen this happen and it never looks fun. A recent study by Western Financial Group (Western) found that only four in 10 homeowners planning a renovation will get advice from their insurance provider. Whether you’re making minor changes or a major overhaul, your insurance coverage should be included in your planning, since renovations can affect your policy. Before you get started, Western recommends asking the following questions:

Do I have adequate coverage?

While most policies should provide proper coverage, there are always subtle nuances and potential updates to think about. By talking to your broker you will ensure you have the coverage you need.

Am I protected against personal injury?

No matter how experienced you are, renovations come with some risks. Even the most cautious renovator should consider the possibility of injury from things like heavy machinery, tools, or even falling off a roof. Western recommends talking through the potential hazards of your renovation with your broker to ensure you understand what your policy covers.

What type of coverage does my contractor have?

From destruction of your property to damage to a neighbour’s, anything can happen during a large-scale renovation. Western recommends finding out exactly what liability coverage any hired contractors have. This way you can rest assured you won’t be held liable for any mishaps.

Has the value of my contents changed?

If you make any big purchases or upgrade items in your home (a new TV, or new kitchen appliances for example), this can increase the overall value of your possessions. Western recommends connecting with your broker to make sure your coverage limits are still adequate for your newly upgraded home.

Answering all of the above questions will give you peace of mind and, more importantly, complete covering during and after your renovations. What renovations do you have planned for this spring?

For more information about home insurance visit: http://bit.ly/1FiPhVe

Share this story friends and family that are thinking of renovating their home!