Renovating your home
More and more Canadians are choosing to renovate rather than move. It’s less expensive than purchasing a new house and renovations can help increase the value of your home.
If you’ve decided to renovate, your goal is to make changes that will modernize your home, make your space more functional and comfortable, and improve the resale value of your property. Nothing feels better than coming home every day to a place that suits your tastes exactly and feels like home.
There’s also a great deal to consider. Before you begin your renovations, you will want to determine exactly what needs to be done, how much it will cost, and whether you need to hire a contractor. If you decide that you want to hire a contractor, you’ll want to find one you can trust. Ask the contractor for references or ask your friends to recommend someone.
Before you begin your renovations
It may surprise you to learn that significant renovations may not be covered by your current home insurance policy. Home insurance is designed to cover your home and its contents from the unexpected; however, every homeowner’s policy has limits. If you have a claim, you don’t want to find out your improvements are not covered.
To protect yourself from surprises, here are a few things to consider before you start your renovations:
- Make sure your contractor has full liability coverage for both individuals and materials.
- If it’s a do-it-yourself renovation or one where you’re hiring tradespeople, ask your Co-operators agent to add a building construction endorsement to cover events like theft, water damage, vandalism and glass breakage that aren’t usually covered during renovations.
When renovations are completed
Upon completion of your home improvement project, ask your agent to re-evaluate your home to ensure the replacement value is correct and officially documented.
A renovation can breathe new life into your home; it’s like being in a new home without moving. And you’ll enjoy the changes even more knowing your home is properly insured. For more information on insurance coverage for your renovation, talk to your Financial Advisor.