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RENOVATIONH O M E
TipsBy
Well Advised. Well Protected. ™
Safe
Insurance is the last thing you think about when planning a renovation but didyou know that typically a homeowner's insurance plan is based on "Regular Usageof Home" and renovation is an "Extraordinary" event that may fall outside your
present agreement?
HUH!
Take a look our tips to find a better way to do your renovation safe
TIP #1Make sure the renovator has
Insurance! Your renovator should carry commercial general liability insurance usually with a minimum coveragelimit of $1 million. This provides coverage in an event of damage to your home or neighboring
properties due to renovation activity or bodily injury caused to a third party
Always ask the renovator for proof of liability insurance or a copy of policy or certificate of insurance. Take notes of the limit and extension of the coverage and the date the policy expires. Compare renovator's policy with your own policy to make sure there is no loopholes. Your insurancebroker can assist you with this task.
Make sure you have Insurance! A home insurance plan is based on "Regular usage of home" meaning your plan is designed to cover you andyour home while you live your normal life not when the renovations are going on. A home policy allows
some repairs and renovations without increasing your coverage but it is better to discuss with your insurancebroker about the proposed renovations and the affect on your coverage.
If you plan a major renovation, it may increase the value of your home beyond your presentcoverage. You need to increase your insurance before work is completedWhose insurance covers the theft of building materials and products from your property, such aswindows, cabinets or bathroom fixtures?Let your insurance broker know, if you plan to vacate your home at any point during therenovation
TIP #2
TIP #3Inform your broker if it's a DIY
Many homeowner policies have a standard exclusion related to professional liability, and you may notbe covered if someone gets injured on your project. You may have to arrange for additionalcoverage for your renovation.
If you have the DIY skills why are you paying a contractor? You can "Do It Yourself" but make sureto inform your insurance broker
Contact Us
55 SUPERIOR BOULEVARD
UNIT 200
MISSISSAUGA, ON
L5T 2X9
T 905 696 9090F 905 696 9770
TF 1 800 900 [email protected]
www.hubbardinsurance.com
