You’ve selected flooring and paint colours, put your items in storage and hired a contractor. Your major home renovation is about to begin but before the first wall gets broken down there’s one thing you may still need to do: speak with your home insurance provider.

Coverage during Your Renovations

Many home insurance policies, including those that apply within the Niagara Falls and St. Catharines region, have a clause that voids key components of your coverage during a home renovation. Should catastrophe strike while you’re remodelling your kitchen or bathroom, you may find that your insurance provider is unwilling to pay for some or all of the damages. The solution usually rests in getting additional insurance. Granted, this may cost a bit more, but far less so than paying out of pocket to fix extensive damages to your home.

 

What Constitutes a Renovation?

Not every change to your home warrants a call to your home insurance provider. Merely painting the walls, replacing baseboards or altering window treatments isn’t going to change your policy. It’s structural changes to your property that will make an impact on your insurance premiums and should be reported before work begins. Such projects include but aren’t limited to:

  • Kitchen and bathroom remodels
  • Finishing a basement
  • Reroofing
  • Wiring or plumbing updates
  • Converting a garage into a living space
  • Home exterior changes such as installing fencing, patios or pools

Post-Renovation Coverage

Many types of repairs and remodels increase the value of your home. But did you know that the renovations you make could increase or decrease what you pay for home insurance? In order to maintain adequate coverage, you’ll need to advise your insurance provider of the changes made to your home. In a general sense, remodels that are purely aesthetic in nature but increase the value of your home could up your insurance premiums. However, those that protect your home from hazards may end up bringing your costs down. The types of renovations that could save you money on insurance include:

  • Plumbing upgrades
  • Reroofing
  • Electric system upgrades
  • Sump pump installation
  • Demolition of old structures on the property
  • Home security system installation or update

How Our Insurance Brokers Can Help

In the St. Catharines and Niagara Falls region, Keller & Associates Insurance Brokers Inc. can help you secure the best possible rate for home insurance, both during and after a home renovation. Whether you’re a new or existing client, our extensive expertise will be an advantage in procuring all the insurance coverage you need. Home, auto, motorcycle and life insurance are what we do best. If you’re looking for insurance in the St. Catharines and Niagara Falls region, contact us today to speak to one of our knowledgeable brokers.