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Home Issues 2018 - Fall Edition How Major Renovations CAN AFFECT YOUR HOME INSURANCE POLICY?

How Major Renovations CAN AFFECT YOUR HOME INSURANCE POLICY?

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Conducting renovations on your home could change the value of your property. You’ll want to make sure the upgrades you make are still covered in case of damage and that you obtain the necessary permits and policies to ensure coverage during the construction period. If you’re planning a major home remodeling project, here are a few things you should keep in mind before the renovations begin.

CONSTRUCTION SITE
Major renovations that turn parts of your house into construction sites put the home at greater risk of theft and flooding. Contact your insurance provider to go over the scope of the project and ensure that your policy will remain in effect during the construction period and that insurance limits are sufficient for the work being completed.

PROPERTY REPLACEMENT VALUE
Following the renovation, the value of your house will likely increase. The cost of replacing the upgraded or added elements of the home must be updated in the property’s replacement value. This will affect your premium and you are contractually obliged to inform your insurance provider whenever changes are made to your property. If not, your coverage may be affected in the event of a loss.

VACANT HOMES
For significant home remodeling projects, you may find it easier to lease an apartment off-site or stay with friends and family to minimize disruption. However, if you plan to leave the home unoccupied for more than a period of 30 days, you should inform your insurance provider and obtain a vacancy permit. This is because vacant homes are more prone to risks such as burglary.

DIY
Even if you are undergoing home renovations yourself, you should still contact your insurance provider as the aforementioned concerns also apply to do-it-yourself projects. After the renovation is complete, your insurer will work with you to re-evaluate your home and make adjustments for items like new furnishings, appliances and finishes.

If your thinking of selling, CALL ME, I can help in making an informed decision that gets you maximum value for your home.

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Tanya Fernandes
Tanya Fernandeshttp://www.tanyafernandes.ca/
Professional Experience TVF operates a full serviced real estate business, assisting her client’s reach their real estate goals. Being part of the Interior Design industry she seamlessly integrates the two by offering value added services to her clientele. Her enthusiasm for real estate is infectious, which comes across when you meet her. She is an active member of the community she lives in, endorsing the Milton Chamber of Commerce & supporting local businesses. She understands the importance of a great family life, setting personal & professional goals that are realistic & fulfilling on a mental, physical & spiritual level. She believes in constantly upgrading & updating her knowledge on the real estate market, giving her clients an advantage by professing strong negotiating skills at the table. Spoken Languages English | Hindi Areas Serviced Milton, Mississauga, Oakville, Burlington & surrounding areas Specialties Multi-Residential, Condominiums, First Time Buyers, Investment & Income Properties

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