Renovating your home

Reviewing your coverage

To offer you the coverage best adapted to your situation, your insurer takes several of your home’s features into account. And if one of them is modified following a renovation, your insurer must update your file.

For example, if by misfortune, you were the victim of a fire, you would want your home to be rebuilt as it was before the fire. You would want any features that were added or improved after the last renovations to be taken into account. That’s why it’s always important to have insurance coverage that reflects the real value of your home and its contents.

Your premium may decrease

If your renovations add value to your home, your insurance premiums could well increase. However, certain types of renovations may actually reduce your premiums.

For example, upgrading your plumbing or reshingling your roof reduces the risk of water damage. Just as a new electrical system reduces the risk of fire if, for example, you converted from oil-based heating to electric heating.

Your insurer will factor in these elements when calculating your premium.

Doing the renovations yourself?

You must let your insurer know; depending on the scope of the work projected, you may need to purchase construction insurance. Your insurer will add additional coverage (or an endorsement) to your policy:

  • To be able to take advantage of this coverage, there must be no contractor overseeing your building site.
  • It provides the same coverage for your materials as your home insurance policy (fire, wind, hailstorms, lightning, etc.)

For more details about construction insurance, consult your insurance agent or broker.