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Renovations and Insurance : What to know?

By Emma Leclerc|1 min|August 2021

Getting ready to renovate your home? Remember to notify your insurer.

Reviewing your home insurance plan

Your home insurance policy takes into account several features of your home. If you make any changes to your home, it is important to notify your insurer to make sure that it offers the best coverage for your situation. In addition, if you are unfortunate enough to suffer a loss, you will surely want the new improvements to be taken into account and your home rebuilt as it was before the incident.

Possible premium reduction

Renovations can increase the value of your home and therefore your insurance premium. On the other hand, some renovations can actually lower your insurance premium costs. For example, upgrading your old plumbing or roof can reduce the risk of water damage. Your insurer will take these types of changes into account when calculating your premium.

Most important repair work to mention

  • Addition of a room or a garage
  • Basement development
  • Installation of a spa or a pool
  • Conversion of the heating system (e.g. from oil to electricity)
  • Re-roofing
  • Changing the water heater
  • Replacement of an electrical fuse box with a switch box
  • Installation of an alarm system
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