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Your Home Insurance Will LIKELY Be Voided During a Home Renovation

Posted by Sherry Rioux on January 20, 2016
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Tradesman holding a jigsawDid you know that doing a home renovation can void your home insurance coverage? Many people don’t read the fine print in their policies but if you do, most will say that a policy is voided during a renovation unless the insurer is contacted.

What if there is damage to your or your neighbours home during the renovation or, an accident occurs? Be sure to read your home insurance policy to see what it says about coverage during renovations BEFORE you get started.

There are other considerations. For example, the changes you make could increase or even decrease your insurance premiums when complete. On their website, Co-operators Insurance also points out that your replacement value can change and insurance should be reviewed before and after.

Here are a couple of articles worth reading on the topic from Money Sense and MacLeans magazine.

When you need an experienced and knowledgeable guide to real estate in South Georgian Bay, give me a shout and let’s meet for a coffee to discuss your ideas.

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