At Conexus Insurance, their focus is protecting the things that are important to you. With expert professional service, strong performance and innovative products and services, they will ensure you have the right coverage to suit your individual needs. They are your TRUSTED SASKATOON INSURANCE EXPERTS
Doing home renovations? Don’t forget about insurance!
While making plans for renovations, insurance is often the last thing on a homeowner’s mind. However, anytime you’re planning to renovate your home you should discuss the scope of the project with your insurance broker.
You need to confirm the proper coverage is in place during and after the renovation process. Your contractor should carry Commercial General Liability insurance, with at least a $1 million limit. General Liability can provide coverage in the event of damage to your home or to nearby properties, or bodily injury caused to a third party during the renovation activities. Your contractor’s insurance can help protect you, as without it you could be found liable for the damages! You should confirm liability insurance with your contractor, by requesting either a Certified Copy of their policy or a Certificate of Insurance. Carefully review the policy limits and extensions, including the expiry date. You can consult your insurance professional to help explain it to you.
Generally, a homeowner's policy allows for minor repairs and renovations without putting your coverage in jeopardy.
However, there are a few items you should discuss with your Trusted Insurance broker:
1) If you’re undergoing major renovations, your insurance may need to temporarily change on your home. Under certain conditions, it may need to be amended from a standard home insurance policy to one designed for a dwelling under construction. Which also means you may no longer be covered for losses caused by vandalism, water or breakage of glass.
2) If you are going to temporarily relocate, vacate your home, or place your possessions into storage, then you need to notify your insurance broker. Conditions of your policy may require that you make arrangements for someone to check your home regularly to ensure continuous coverage. If you’re not living in your home, your insurer might consider it vacant, meaning certain losses will no longer be covered and a “vacancy permit” may need to be added.
3) Your renovations might include construction of a basement or income suite, which can change the number of families in your dwelling and also expose you to additional liability. You need to contact your insurance broker to amend your coverage accordingly.
4) Advise your insurance broker if you plan to do some of the work, or if you are acting as your own general contractor and hiring others to work for you. Otherwise, you may not be covered if someone is injured on your project. For example, one of the workers you hired has fallen through a skylight in your roof and suffered serious injuries. Who would be found responsible? Confirm your contractor has workers' compensation for employees of the company.
5) If you perform a major renovation, the value of your home could increase beyond your current policy limits. In order to maintain the right coverage, you’ll need to talk to your insurance broker to recalculate the replacement cost of your home. If you updated the wiring, plumbing, or roofing, you may even receive a discounted rate on your home insurance!
6) Insurance is not a warranty for the work being performed on your home, and it does not offer protection against poor workmanship. A written contract and a contractor’s commitment to customer satisfaction are critical. Hiring a professional contractor with a strong reputation is the most important thing you can do to ensure a successful, and hassle free renovation.
Conexus Insurance offers a variety of general insurance products from locations throughout Saskatchewan. From SGI motor vehicle licensing to large-scale commercial insurance policies, our experienced and professional team of Saskatoon general insurance brokers provide tailored solutions to meet your needs.
Find Conexus at 101-703 Circle Dr. E,, or check out their listing here in the SASKATOON INSURANCE category on THE Saskatoon directory of excellence. They are YOUR Trusted SASKATOON INSURANCE experts !