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Home Reno Over 5K?

Home Reno Over 5K?
It’s important to note that many home and condo insurance policies’ wording requires the homeowner to inform their insurer about remodelling plans when the renovations exceed $5,00, in order to maintain coverage.

A recent study by Aviva Canada revealed that 26% of Canadians who updated their home surpassed the $5,000 limit and it’s estimated that only about half of those informed their insurer.

Quite simply, if the renovations increase the value of your home, you should speak to your insurance professional about increasing your coverage. The value of your improvements may not be covered should a disastrous event occur.

Major home renovations may affect the home’s value, particularly the cost to reconstruct. These major updates may include: 

  • Finishing a basement 
  • Performing a significant change to the home’s structure 
  • Building an addition 
  • Creating a home office 
  • Backyard updates include pools, decks, patios, fences, and sheds
While your house insurance premium may have gone up over the last few years, it’s important to understand your coverage amounts may not have increased. Be confident that you have the coverage you need. Please reach out to us with a phone call: 1-800-679-2640 or send us an email: