Property changes worth sharing with your insurer in the long run

You could have absolutely every coverage possible on your home insurance policy, but if you don’t keep your insurance company informed of changes, you may not have all the coverage you need. Changes to your home and the way you use it can have an impact on the coverage you require.

1) Renovations

If you are planning a renovation or substantial upgrades to your home, your policy may have a clause that requires you to contact your insurer before work begins. This is especially true if your home will be vacant during the renovations.

When the work is completed, your new home may be worth more than before, so be sure inform your home insurer and increase your coverage to reflect its new value.

2) Outbuildings

Building a garage, shed or pool-house means that there is another item on your property that requires insurance. It is likely that your policy includes coverage for these structures, as long as you inform them of the structure’s existence.

Call your insurer to confirm your policy cover the cost to rebuild these structures in the event of a fire or other damage.

3) Home-based business

If you are operating a business from your home, you need to ensure that your home insurance policy is up to the task of protecting it. This is especially true if you welcome customers to your home or keep an inventory of items on the premises.

4) Rental Unit

If you decide to earn some money turning a basement, garage, or other structure into an apartment for rent, you need to inform your insurance provider to ensure that you’re protected for both property damage and third-party liability.

5) A new hydrant or fire hall

If you live in a suburban or rural area where your local government is expanding its fire services and your fire protection changes, call your insurance broker as it may lower your premium if the services are greatly enhanced.

6) Short-Term Rental

Don’t consider listing your home on Airbnb or another service before speaking to your home insurer. Many policies exclude this type of use and others place limitations on your coverage. Know how your insurer will treat a loss before you allow strangers into your home.

7) Security and fire systems

By adding a monitored burglar and fire service to your home, you may be entitled to further savings. Check with your broker to see if this additional protection can lower your premium.

Get a 5-minute quote online to see how your insurance rates change and improve with changes to your home.

Seriously, what else can you do in 3 minutes?

Boil half an egg?

You might like this stuff, too.

Why insurers want a credit check for insurance quotes

Why insurers want a credit check for insurance quotes

Not sure why an insurance company wants to run a credit check for insurance quotes? Checking your credit score for a home insurance quote is normal, but using a credit score to determine auto insurance premiums is not. In fact, using credit checks for auto insurance...

read more
The basic living expenses list for first-time homeowners

The basic living expenses list for first-time homeowners

Congratulations on becoming a first-time homeowner! You're diving into a huge investment of both time and money, and the best way to make sure you're successful is to create a basic living expenses list. It'll help you stay on top of everything. There's a lot more to...

read more
Things to consider when looking for a condo

Things to consider when looking for a condo

By Zoocasa Condo living is quickly gaining popularity, and is often the first choice for first-time buyers due to its relatively affordable price point, favourable locations, and convenient amenities such as gyms, pools, and social gathering areas. But buying a condo...

read more