Renovating your home? There's a few things you need to know!
Published on September 11, 2015
When you start major renovations, you are often overwhelmed with many questions and decisions. Apart from the choice of colours and finishes, decisions that will have much more important consequences are: "Who will do the work?" and "Should I notify my broker?". Here is some advice from L'Unique General Insurance to help you make the right choices.
Protect your investments: Hire certified professionals
Some work is risky, and you will not be covered by law in the event of bad workmanship if it is not done by a certified professional. Work such as plumbing and electricity should be contracted to experts. This way you ensure your family's safety and protect your investments.
Before hiring a professional (contractor, plumber, electrician, etc.), ensure that he or she holds:
- Valid and sufficient liability insurance
- A contractor's licence issued by the Régie du bâtiment (RBQ) and
- The appropriate licence for doing the work (for example, an electrician practising in Quebec must have a licence issued by the Corporation des maîtres électriciens du Québec.)
Also remember that if you or a family member residing in the home injure yourselves during the work, your Home Insurance does not indemnify you for the consequences of these injuries. Something to think about if you decide to do the work yourself!
When and why should you advise your broker about your renovations?
It's important to advise your broker if you're doing work that may require adjusting your Home Insurance coverage. This type of work can be divided into two categories:
- Work that increases the cost of rebuilding your home
For example, adding a storey, building an extension, finishing a basement, etc.
- Work making your home less vulnerable to damage
For example, updating obsolete installations (plumbing, electric wiring…), re-shingling the roof, replacing hot water tanks, etc.
By following these tips, you will minimize the risk that your renovations go wrong and ensure that your home is adequately covered.
Your insurance broker is there to help you prevent losses. Feel free to contact him or her!