House insurance when renovating

February 27, 2008 · Filed Under Home Maintenance · Comment 

Have you completed any major home renovations lately? If so, make sure you inform your insurance company. A recent survey showed that of those homeowners with home/content insurance who renovated their home or finished their basement, only 62 per cent updated their policies.
A renovation usually increases the value of your home and can require an increase in the amount of home insurance coverage you’ll need. Of course this will increase the price or your annual home insurance but don’t let that small increase stop you.

Think about it…if you spent $25,000 on a basement renovation without notifying your insurance company and your house caught fire a few months later, you might not have sufficient insurance to cover this loss. Be sure to protect your upgraded investment by remembering to update your home insurance coverage.