We’ve had some weird, and extreme weather lately. Earthquakes on both coasts, Hurricane Irene, tornadoes outside of Tornado Alley, hailstorms and wicked winds have been top stories in the news over the last several months.
How have you fared? How about your home?
Home improvement experts recommend checking various areas of your home throughout the year as preventative maintenance. We’ve talked about those topics in this blog often. What we haven’t talked about is applying the same logic to your property and home insurance.
During the course of living in your home, things change. Consider this…your new renovation is complete and includes pricey new fixtures, granite countertops and new floors. Your property and home value has increased due to the renovation. But did you change your home insurance policy to add additional coverage? If not, you should. Now that the value on your home has increased, so has the chance of a greater loss should something happen.
After the renovation is not the only time to consider your coverage. In April 2011, The Globe and Mail ran a story, “Don’t forget insurance when planning a reno.” In the article Anne Marie Thomas, manager of sales and new business development for the Insurance Hotline states,
“There are all sorts of things people simply don’t think about when doing a home renovation,” she said. “For example, if you have to vacate your home for a renovation, let your insurance company know because it’s a violation of your policy if your home is vacant for more than 30 days.”
Besides you being insured, you need to make sure your contractor is insured as well. A Certificate of Insurance is a document issued by an insurance company that certifies that a company is insured and can cover any problems should they occur.
Sometimes, it’s not just about having insurance. It’s what we can do, homeowners and renters, to make sure we are protected. Take a look at this video and take heed one what’s the most important thing you can do to be covered.
Additional information about home and property insurance can be found at the Insurance Bureau of Canada, Insurance-Canada.ca or your property insurance provider.
