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Renovating your home

You’re ready to renovate. Redoing the kitchen? Replacing your doors and windows? Refinishing the basement? Or perhaps just adding a gas or wood burning stove? Whatever improvements you make to your home, let your insurer know.

Reviewing your coverage

To offer you the coverage best adapted to your situation, your insurer takes several of your home’s features into account. And if one of them is modified following a renovation, your insurer must update your file.

For example, if by misfortune, you were the victim of a fire, you would want your home to be rebuilt as it was before the fire. You would want any features that were added or improved after the last renovations to be taken into account. That’s why it’s always important to have insurance coverage that reflects the real value of your home and its contents.

Your premium may decrease

If your renovations add value to your home, your insurance premiums could well increase. However, certain types of renovations may actually reduce your premiums.

For example, upgrading your plumbing or reshingling your roof reduces the risk of water damage. Just as a new electrical system reduces the risk of fire if, for example, you converted from oil-based heating to electric heating.

Your insurer will factor in these elements when calculating your premium.

A movie
or music buff?

A movie or music buff?

If you own a large movie or CD collection, you should know that, in case they’re stolen, most policies include a maximum indemnity amount.

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