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Renovating? You better update your home insurance
– moneysense.ca
OTTAWA – Homeowners need to regularly check and update their home insurance policies or risk having insufficient coverage when disaster strikes, insurance experts say.
The need to review and update a policy is especially important for those who have done renovations because changes to the property could render the policy void if the insurer hasn’t been informed.
Craig Richardson, vice-president of claims operations at TD Insurance, says the insurance company should be contacted even before a contractor starts work.
Home renovations that pay off »
And he noted that renovations also provide an opportunity to make other improvements that might help save a few dollars on your home insurance at the same time.
Things like a sewer backup valve or an alarm system may be more easily installed if other major work is already being done.
“If you’re already in the process of doing renovations, it may be cheaper to do it while work is ongoing,” Richardson said.
But even without major changes to the property, policies should be reviewed annually just to be sure they match the homeowner’s needs…
The need to review and update a policy is especially important for those who have done renovations because changes to the property could render the policy void if the insurer hasn’t been informed.
Craig Richardson, vice-president of claims operations at TD Insurance, says the insurance company should be contacted even before a contractor starts work.
Home renovations that pay off »
And he noted that renovations also provide an opportunity to make other improvements that might help save a few dollars on your home insurance at the same time.
Things like a sewer backup valve or an alarm system may be more easily installed if other major work is already being done.
“If you’re already in the process of doing renovations, it may be cheaper to do it while work is ongoing,” Richardson said.
But even without major changes to the property, policies should be reviewed annually just to be sure they match the homeowner’s needs…
The head of the Insurance Bureau of Canada has some scary words about the country’s readiness to withstand a devastating earthquake, and Mark Zuckerberg makes nice with leaders of the conservative movement who claim Facebook has a left-wing bias. All that and more in this week’s weekly video recap with the CBC’s Jacqueline Hansen.
